A California jury determined that Elon Musk misled Twitter investors before making a $44 billion deal to buy the company in 2022, reports CNBC. The New York Times reports that Musk had testified this month that he didn’t believe his posts would spook markets, but he did say that “If this was a trial about […]
Jury finds Elon Musk misled Twitter investors in acquisition exit attempt
At the time, Musk had tweeted that Twitter had too many bots, which is why he was trying to renege on his commitment to buy the company.
Jury Finds Elon Musk Guilty of Deception Toward Twitter Shareholders
A jury in a San Francisco court has concluded that Elon Musk deliberately misrepresented information to investors about Twitter Inc. (now X) in a bid to decrease the company’s stock value before his takeover. The jury’s conclusions could lead to Musk incurring substantial financial repercussions, possibly totaling billions of dollars.
The litigation focused on Musk’s public remarks made in 2022, especially his assertions that Twitter had an inflated number of fake accounts. These claims were made after Musk proposed purchasing Twitter for $54.20 per share, which valued the company at roughly $44 billion, even though its market capitalization was about $36 billion at the time. After making his offer, Musk sought to back out of the agreement several times, raising concerns about the quantity of bots on the service. Ultimately, Twitter sued Musk to enforce the acquisition, which he did finalize.
Afterward, Musk faced accusations of deceiving investors by criticizing the company in a way that was purportedly designed to lower its stock price. The jury determined that Musk’s remarks did indeed lead to a significant decline in Twitter’s stock, which plummeted to a low of $32.52 in July 2022, marking a 40% drop from his buyout price.
The jury’s ruling indicates that Musk may be responsible for damages assessed based on how much his statements influenced the stock price over a five-month timeframe. The total amount of damages owed to individual investors will be calculated later as shareholders file their claims, with projections indicating that the sum could soar to $2.6 billion.
Musk has not given any public statement regarding the verdict but may opt to appeal the ruling. For more information, Bloomberg’s comprehensive report on the case is available on their website.
Netflix Offers an Overlooked 2023 Sci-Fi Film Helmed by a Star Wars Director
“Star Wars” offshoot, “Rogue One,” which, despite its rumored extensive reshoots, emerged as an exceptional viewing experience.
At this juncture, Edwards had proven himself as a virtuoso of dystopian landscapes, and in 2023, he conjured another in his robot-devastated universe with “The Creator,” featuring “Tenet” actor John David Washington, now streaming on Netflix. Set in a future where a conflict between humanity and the robots they created has left the world in ruins, a former soldier (Washington) discovers that the machines have one final surprise: a robot child equipped with cutting-edge artificial intelligence. Although it received a rather subdued initial response, there is no doubt that it remains Edwards’ most visually striking work, showcasing his talent for transforming contemporary normality into the extraordinary.
Edwards’ experience in visual effects establishes him as a master of sci-fi
Automated Moderation Error Causes Panic Among Tumblr Users
Tumblr users were left scrambling on Wednesday after dozens of accounts were banned in the same afternoon by an automated system. Numerous users contacted The Verge about the incident, claiming that the wave of bans disproportionately seemed to impact accounts run by users who identify as trans women, many of whom were given no specific […]
Cost-effective $50 Display Improves Work and Gaming Experience
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