Judge Rejects Musk Bid to Void Twitter Investor Fraud Verdict
Breyer also denied Musk’s bid to decertify the investor class and granted prejudgment interest after jurors found he used tweets to depress Twitter’s stock.
- On Monday, U.S. District Judge Charles Breyer in San Francisco rejected Elon Musk's motion to void a jury verdict finding he defrauded Twitter investors during his $44 billion takeover.
- Jurors previously found Musk liable for May 13 and May 17, 2022, tweets questioning whether Twitter was overrun by bots, with investors alleging he used bot claims as a pretext to renegotiate or abandon his purchase.
- Breyer also rejected Musk's claim that jurors were "mocking" him by highlighting the figure "$4.20" on the verdict form, noting jurors deliberated nearly four days and sided with Musk on some claims.
- The judge ruled Musk not liable for the May 17 tweet due to lack of market reaction, while lawyers for investors estimated damages could total about $2.5 billion.
- Musk faces a separate lawsuit in Manhattan claiming he defrauded Twitter investors by delaying disclosure of his initial investment, while he continues integrating Twitter into his company, SpaceX.
33 Articles
33 Articles
Elon Musk's bid to set aside Twitter fraud verdict rejected by US judge
A federal judge on Monday rejected Elon Musk's bid to void a jury verdict finding that the world's richest person defrauded Twitter investors by trying to drive down the social media company's stock price after agreeing to a $44 billion takeover.
Judge denies Musk's bid to toss verdict
A federal judge on Monday rejected Elon Musk's bid to void a jury verdict finding that the world's richest person defrauded Twitter investors by trying to drive down the social media company's stock price after agreeing to a $44 billion…
US judge upholds jury verdict against Elon Musk in Twitter investor fraud case
A US judge has refused Elon Musk's attempt to overturn a jury verdict that found he misled Twitter investors during his turbulent $44 billion takeover of the company. The ruling keeps intact a potential multibillion-dollar damages award and reinforces the legal risks surrounding statements made by high-profile corporate figures.
How Two Tweets Could Cost Elon Musk $2.6B After Judge Rejects His Bid to Overturn Fraud Verdict
A US federal judge has dealt Elon Musk another major legal setback, rejecting his attempt to overturn a jury verdict that found he misled Twitter investors during his turbulent 2022 takeover of the social media platform. The decision leaves the billionaire facing a potential damages bill estimated at $2.6 billion. It would be one of the biggest financial penalties ever linked to misleading statements made on social media. The ruling by US Distri…
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