Twitter shareholder case accusing Musk of driving down stock goes to jury
A jury is deliberating in a case where Twitter shareholders accuse Elon Musk of misleading investors and manipulating the stock price during his 2022 acquisition attempt.Summary
The trial concerning accusations that Elon Musk misled Twitter shareholders during his attempt to buy the social media platform in 2022 has concluded with closing arguments and been sent to the jury. Shareholders allege Musk engaged in deceptive behavior, including tweeting statements designed to drive down the stock price after agreeing to a $44 billion deal. They claim he sought a lower price or an escape from the agreement as Tesla’s stock declined. Musk’s defense argues that the plaintiffs presented no evidence of intentional manipulation and that his concerns about the number of bot accounts were genuine. The trial heavily focused on Musk’s claims that Twitter misrepresented the number of fake accounts, a point he used to justify attempting to withdraw from the deal. Lawyers for Musk emphasized that wanting a lower price does not equate to fraud, and cautioned the jury against bias. The judge acknowledged potential negative views of Musk within the jury pool but stressed the importance of a fair trial. Musk previously filed for a mistrial, alleging unfair treatment.
(Source：The Economic Times)