00:00It's Benzinga, bringing Wall Street to Main Street
00:02A federal jury in San Francisco found that Elon Musk made misleading statements about
00:07spam and bot accounts on Twitter after agreeing to acquire the company for $44 billion in April
00:122022, according to Reuters. Jurors held him liable for two statements, including that the
00:17deal was temporarily on hold, and that fake accounts could exceed 20%. The jury rejected
00:23a separate claim that Musk orchestrated a scheme to defraud shareholders. Damages have not been
00:28finalized, and plaintiffs' estimated losses could reach $2.5 billion. The lawsuit covers
00:34shareholders who sold stock between May and October 2022. Musk's attorneys said his concerns
00:39about bots were genuine and said they expect to prevail on appeal. He completed the acquisition
00:44in October 2022 and later rebranded the platform as X. For all things money, visit Benzinga.com.
