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Judge Rejects Musk Motion to Dismiss Twitter Investor Verdict
US District Judge Charles Breyer denied Elon Musk's bid to overturn a jury finding that he defrauded Twitter investors during his 2022 takeover. The ruling also upheld the investor class and granted prejudgment interest.
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US District Judge Charles Breyer in San Francisco rejected Elon Musk’s bid to dismiss a jury verdict that found Musk defrauded Twitter investors, New York Post reported. The judge also denied Musk’s motion to decertify the class of investors and granted the investors’ motion for prejudgment interest.
A jury found Musk liable on March 20 for statements he made in May 2022 that sought to drive down Twitter’s stock price ahead of his $44 billion takeover of the company.
Jurors held Musk responsible for a May 13, 2022 tweet that questioned whether Twitter was overrun by fake and spam accounts, which caused the stock price to fall significantly. Breyer found substantial evidence of falsity in that tweet. The same jury determined Musk was not liable for a similar May 17, 2022 tweet because it produced no measurable market reaction.
A lawyer for the plaintiffs estimated after the verdict that damages could total about $2.5 billion. Lawyers for Musk did not immediately respond to requests for comment, New York Post reported.
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