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Saturday, March 21, 2026

A jury has found Elon Musk liable for defrauding investors by deliberately driving down Twitter's stock price in the tumultuous months leading up to his 2022 acquisition of the social media company for $44 billion.

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... The nine-person jury returned the verdict after nearly four days of deliberation, nearly three weeks after the trial began on March 2.

They said that while Musk was liable for misleading investors with two tweets -- including one said the Twitter deal was "temporarily on hold," he did not do so with a statement he made on a podcast and that he did not intentionally "scheme" to defraud investors.

The jury awarded shareholders between about $3 and $8 per stock per day as damages, which the plaintiffs' lawyers said amounts to about $2.1 billion in stock and another $500 million in options. Musk's fortune is currently estimated at about $814 billion, much of it tied up in Tesla shares. ...



#1 | Posted by LampLighter at 2026-03-21 08:09 PM | Reply

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