A US federal jury on Friday found Elon Musk liable for defrauding Twitter shareholders by allegedly attempting to drive down the company’s stock price to renegotiate or withdraw from his $44 billion takeover in 2022.
The verdict, handed down in San Francisco federal court, followed a high-profile civil trial in which Musk, the world’s richest person, faced allegations of falsely claiming on social media that Twitter underreported the number of spam and fake accounts — known as bots — on its platform.
“Musk’s status as the world’s richest man is not a free pass,” said attorney Bottini. “If you can move markets with your tweets, you’re responsible for the harm caused to investors.”
for more, visit : https://thelawreporters.com/elon-musk-liable-twitter-shareholder-fraud-verdict
#legalnews #legalnewstoday #musk #defraudingtwittershareholders
The verdict, handed down in San Francisco federal court, followed a high-profile civil trial in which Musk, the world’s richest person, faced allegations of falsely claiming on social media that Twitter underreported the number of spam and fake accounts — known as bots — on its platform.
“Musk’s status as the world’s richest man is not a free pass,” said attorney Bottini. “If you can move markets with your tweets, you’re responsible for the harm caused to investors.”
for more, visit : https://thelawreporters.com/elon-musk-liable-twitter-shareholder-fraud-verdict
#legalnews #legalnewstoday #musk #defraudingtwittershareholders
A US federal jury on Friday found Elon Musk liable for defrauding Twitter shareholders by allegedly attempting to drive down the company’s stock price to renegotiate or withdraw from his $44 billion takeover in 2022.
The verdict, handed down in San Francisco federal court, followed a high-profile civil trial in which Musk, the world’s richest person, faced allegations of falsely claiming on social media that Twitter underreported the number of spam and fake accounts — known as bots — on its platform.
“Musk’s status as the world’s richest man is not a free pass,” said attorney Bottini. “If you can move markets with your tweets, you’re responsible for the harm caused to investors.”
for more, visit : https://thelawreporters.com/elon-musk-liable-twitter-shareholder-fraud-verdict
#legalnews #legalnewstoday #musk #defraudingtwittershareholders
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