A California jury has indicted Elon Musk on the grounds that before he bought Twitter in 2022, which he has since renamed X, he intentionally disclosed information that caused stock prices to fall. The tech billionaire was sued by a group of investors, the trial began in San Francisco at the beginning of the month, and on Friday a favorable decision was made for them, the Guardian reports.
His lawyers have maintained throughout that he shared Elon Musk’s legitimate concerns and did not intend to manipulate the stock price, and the former adviser to Donald Trump testified that he did not realize that his statements would have an adverse effect on the price, that they would harm investors.
https://hvg.hu/kkv/20220513_twitter_musk_felfuggesztes
“We are delighted with the jury’s decision today. They send a strong message that no one is above the law,” said Mark Molumphy, legal representative for the investors, and his colleague Joseph Cotchett called it an important victory.
It should be added that, according to the jury, two accusations do not hold up, they did not find it proven that Musk planned to mislead the shareholders. Nevertheless, they are entitled to compensation.
Exactly how much the billionaire will have to pay investors is not yet known, although according to DW, shareholders were awarded compensation of between $3 and $8 per share per day, and according to their lawyers, this amounts to roughly $2.5 billion in total. How much this is considered a large sum is a matter of perspective, because recently Elon Musk became the first person whose fortune exceeded 800 billion dollars.
