Source: Fortune
Summary
A jury found Elon Musk guilty of defrauding Twitter investors in 2022 by disparaging the company to lower the purchase price. Musk’s tweets about Twitter’s fake accounts were deemed intentional and misleading, driving down the stock price. The jury rejected two of the four fraud claims, and the amount of damages Musk must pay will be determined later. Musk’s net worth is $661.1 billion, according to the Bloomberg Billionaires Index. The case marks a rare defeat for Musk in court.
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Musk’s lawyers declined to comment, while Mark Molumphy, a lawyer for the investors, estimated the damages at $2.6 billion. Musk’s net worth remains unaffected. The case highlights the risks of using social media to influence stock prices. Musk’s tweets were deemed intentional and misleading, and the jury’s verdict sends a message to executives about the consequences of such actions. Musk’s reputation as “Teflon Elon” has been dented.
Author: Evan Null
