Jury Finds Musk Liable to Twitter Shareholders in Lawsuit Over $44 Billion Takeover
The Epoch Times
A jury found Elon Musk liable for misleading Twitter shareholders, impacting the stock price before his $44 billion acquisition.Summary
On March 20, a federal jury determined that Elon Musk, CEO of SpaceX and Tesla and owner of X (formerly Twitter), was liable for misleading Twitter shareholders. The lawsuit, filed in October 2022 by Twitter investors, alleged that Musk drove down the platform’s stock price before acquiring it for $44 billion in 2022. Musk initially agreed to purchase Twitter at $54.20 per share in April 2022 but subsequently attempted to withdraw from the agreement, prompting Twitter to pursue legal action to enforce the deal. He ultimately completed the acquisition in October 2022 and rebranded the platform as X.
(Source：The Epoch Times)