"A jury in California found that Elon Musk defrauded Twitter shareholders during the runup to his $44 billion acquisition of the social media company, according to a verdict issued on Friday."
"Total damages could reach up to $2.6 billion, attorneys for the plaintiffs said. The class action lawsuit, Pampena v. Musk, was originally filed in October 2022, after Musk completed his purchase of Twitter for $54.20 per share."
""This is a great example of what you cannot do to the average investor - people that have 401ks, kids, pension funds, teachers, firemen, nurses," Joseph Cotchett, an attorney for the Twitter investors, told CNBC at the San Francisco courthouse."
"Considering he was clocked at over ~$800B last month, they could round up the damages to a nice $3B... and it would still be a rounding error compared to his hoarded wealth."
A California jury determined that Elon Musk defrauded Twitter shareholders during his $44 billion acquisition of the company. The lawsuit, Pampena v. Musk, was filed in October 2022. Although Musk was not found guilty of a larger fraud scheme, the verdict still poses significant financial implications. Total damages could amount to $2.6 billion, highlighting the impact on average investors. Despite Musk's substantial wealth, the ruling may have minimal effect on his financial status, as daily market fluctuations could overshadow this decision.
Read at Above the Law
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