Explore the latest developments concerning US judge tosses.
US judge tosses out Musk’s bid to void Twitter fraud verdict
Jurors had found Twitter owner Musk liable for tweets in which he questioned whether the platform was overrun by fake and spam accounts that had led to a slump in share prices.
A United States federal judge has rejected Elon Musk’s bid to void a jury verdict finding that Musk, the world’s richest person, defrauded Twitter investors by trying to drive down the social media company’s stock price after agreeing to a $44bn takeover.
US District Judge Charles Breyer in San Francisco, California on Monday also denied Musk’s motion to decertify the class of investors, and granted the investors’ motion for prejudgment interest. The judge did, however, find Musk not liable for one of his challenged tweets.
Elon Musk suffers massive setback in $2.5 billion Twitter fraud case
Elon Musk’s aggressive attempt to wipe away a massive legal defeat has been flatly rejected by a federal judge, leaving the tech billionaire facing a potential $2.5 billion penalty.
On Monday, U.S. District Judge Charles Breyer in San Francisco officially shot down Musk’s bid to void a March jury verdict. That verdict found the world's richest man liable for defrauding Twitter investors by intentionally trying to manipulate and tank the social media company's stock price during his chaotic $44 billion takeover in 2022, News.Az reports, citing Reuters.
In a stinging written order, Judge Breyer did not hold back against the billionaire's defense strategy.
Gold 5 Tier Wedding Crystal Flower Rack Centerpieces Flower Stand Wedding Party Backdrop Stand Freestanding Floral Holder
US judge rejects Elon Musk’s bid to overturn Twitter fraud verdict
Judge Breyer upholds jury finding that two Musk tweets misled investors during the $44 billion Twitter acquisition, with potential damages reaching $2.6 billion
A federal judge in San Francisco has shut down Elon Musk’s attempt to undo a jury verdict that found him liable for misleading Twitter investors. The ruling keeps Musk on the hook for what could be one of the largest securities fraud damage awards in recent memory.
Judge Charles R. Breyer rejected Musk’s post-trial motions during a June 18 hearing, expressing clear skepticism toward the arguments for overturning or retrying the case. Plaintiffs’ lawyers have estimated damages in the range of $2.5 billion to $2.6 billion, stemming from the impact Musk’s statements had on Twitter’s stock price during the chaotic acquisition saga.
For more detailed information, explore updates concerning US judge tosses.