Jury finds Elon Musk misled Twitter (TWTR) investors in the run-up to $44 billion acquisition

A California jury says Elon Musk misled Twitter investors ahead of acquiring the social media platform.

Elon Musk faces total damages of up to $2.6 billion after a California jury found that the billionaire misled Twitter shareholders ahead of the $44 billion acquisition of the social media company. 

The Pampena v. Musk class action lawsuit focused on Twitter investors who sold shares of the company for less than the $54.20/share deal price after Musk tanked TWTR shares by posting a series of tweets about getting cold feet on the deal. 

Joseph Cotchett, an attorney for the Twitter investors, made the following statement to CNBC:

This is a great example of what you cannot do to the average investor -- people that have 401ks, kids, pension funds, teachers, firemen, nurses.

It appears that Musk's itchy Twitter fingers have finally caught up to the world's wealthiest individual. His flip-flopping in the Spring of 2022 did damage investors who didn't hold on until the $44 billion deal closed later in the fall.

Will this actually change any of the inappropriate behavior of Musk? Probably not, but keep it locked on Shacknews for all the latest news from the technology and social media space as it breaks.

Shacknews staff does not use generative artificial intelligence (AI) in their content. Shacknews strictly prohibits the use of its content for AI training or to generate text, including text in the style or format used for this publication. Shacknews reserves all rights to this work.