Ilon Musk
This decision was made by a jury in San Francisco after two days of deliberations, which ended on March 20. Instance decided that the billionaire with his tweets about the alleged refusal to buy Twitter intentionally reduced the value of the company. He could now face investor compensation ranging from hundreds of millions to several billion dollars, according to the BBC.
The jury considered that Musk could deliberately create a negative background around Twitter. In particular, he claimed that the social network has too many fake accounts, and publicly allowed the possibility of refusing the deal. We are talking, among other things, about his message of May 13, 2022, where it was said that the deal was suspended until the data on the share of spam accounts was verified.
According to Bloomberg, the amount of compensation to investors could range from hundreds of millions to several billion dollars. The exact amount will be determined later – after the lawsuits are filed. Investors’ lawyer Mark Molamphy believes that it could be about 2.6 billion dollars.
The defense of Ilon Musk has already stated that he will appeal. The lawyers consider this decision to be only a partial setback and expect that it will be reconsidered in the future.
