Gate News reports that on March 21, a jury in the United States District Court in San Francisco, California, found Elon Musk liable for misleading investors with two tweets during his 2022 acquisition of Twitter (now rebranded as X). The nine-member jury deliberated for nearly four days before reaching a verdict, determining that the two tweets posted by Musk in May 2022 were misleading to investors. However, the jury dismissed charges that Musk orchestrated fraudulent investor schemes and found that his statements on a podcast did not constitute misrepresentation.
It is reported that Musk announced his $44 billion acquisition of Twitter in April 2022 and declared the deal terminated on July 8. Twitter filed a lawsuit against Musk on July 12, accusing him of refusing to complete the purchase as agreed, causing significant losses to the company. This ruling is a rare loss for Musk, and his legal team has stated they will appeal.
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