{"id":537608,"date":"2026-03-22T00:00:09","date_gmt":"2026-03-22T00:00:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/537608\/"},"modified":"2026-03-22T00:00:09","modified_gmt":"2026-03-22T00:00:09","slug":"elon-musk-misled-twitter-shareholders-ahead-of-44b-acquisition","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/537608\/","title":{"rendered":"Elon Musk Misled Twitter Shareholders Ahead Of $44B Acquisition"},"content":{"rendered":"

\n\tElon Musk<\/a> has been found liable by a California jury for misleading Twitter<\/a> shareholders amid his $44 billion acquisition of the social media platform in 2022.<\/p>\n

\n\tOn Friday, the jury in the class-action case Pampena v. Musk found that the Tesla mogul\u2019s tweet claiming the deal was \u201ctemporarily on hold\u201d was harmful and misleading, resulting in Twitter\u2019s shares sliding almost 10% in a session. The verdict could cost Musk up to $2.6 billion in damages.<\/p>\n

\n\tAlthough Musk claimed his hesitation was over Twitter\u2019s claimed number of bots, spam and fake accounts, former shareholders felt it was a scheme to pressure the company into lowering the price of its shares. The jury unanimously determined after four days of deliberation that he did not specifically engage in a scheme to defraud investors.<\/p>\n

\n\tJoseph Cotchett, who represents the former shareholders, told CNBC<\/a> outside the San Francisco courthouse, \u201cThis is a great example of what you cannot do to the average investor \u2014 people that have 401ks, kids, pension funds, teachers, firemen, nurses. That\u2019s what this case was all about. This was not about Musk. It was about the whole operation.\u201d<\/p>\n

\n\tMusk\u2019s attorney Quinn Emanuel said in a statement to the outlet, \u201cWe view today\u2019s verdict, where the jury found both for and against the plaintiffs and found no fraud scheme, as a bump in the road. And we look forward to vindication on appeal.\u201d<\/p>\n

\n\tIn October 2022, Musk agreed to buy Twitter<\/a> for the originally proposed price of $54.20 per share, before renaming the platform X. The deal resulted in him offloading $4 billion of Tesla stock<\/a> in the following weeks.<\/p>\n","protected":false},"excerpt":{"rendered":"Elon Musk has been found liable by a California jury for misleading Twitter shareholders amid his $44 billion…\n","protected":false},"author":2,"featured_media":537609,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[28,11,2932,10204],"class_list":["post-537608","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-elon-musk","tag-lawsuit","tag-twitter"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/537608","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=537608"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/537608\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/537609"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=537608"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=537608"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=537608"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}