California federal jury finds Musk misled Twitter shareholders. A San Francisco court determined that tweets posted by Elon Musk in May 2022 contained false statements that drove down Twitter's share price ahead of his $44 billion acquisition. The verdict could result in billions in damages. Musk's legal team announced plans to appeal, characterizing the decision as a setback. This marks a rare legal defeat for the tech entrepreneur, who has successfully navigated numerous lawsuits previously. The civil case alleged Musk deliberately suppressed the stock price to gain negotiating leverage or exit the deal entirely, causing shareholders who sold during the period to suffer financial losses. Musk ultimately completed the Twitter acquisition in October 2022 and later rebranded it as X.
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