Elon Musk Misled X Investors

A federal jury in San Francisco found Elon Musk liable for misleading investors of X (social network) (formerly Twitter) during his 2022 acquisition. The jury determined that Musk deliberately drove down X (social network)'s stock price through two specific tweets, including one stating the deal was 'temporarily on hold.' However, he was absolved of some fraud allegations, as the jury found he did not 'scheme' to mislead investors and his podcast comments did not constitute fraud. The class-action lawsuit, filed by X (social network) shareholders who sold their shares based on Musk's statements, is expected to result in billions of dollars in damages, with awards ranging from $3 to $8 per share per day. The trial focused heavily on Musk's claims about the number of fake accounts on X (social network), which he initially used as a reason to attempt to withdraw from the purchase. This ruling is a significant legal development in a high-profile corporate dispute.