Overview
- A federal jury in San Francisco ruled that two May 2022 posts contained false statements that drove declines in Twitter’s share price.
- The messages addressed alleged bot levels and placed the takeover “on hold,” which jurors found misled investors.
- Investor Giuseppe Pampena filed the case on behalf of shareholders who sold stock from mid-May through early October 2022.
- Jurors rejected a claim of a preplanned fraud scheme, finding liability only for false or misleading statements that depressed the price.
- Musk’s lawyers called the decision a setback and said they intend to appeal after the roughly three-week trial.