Elon Musk loses legal case in California
A California jury has ruled against Elon Musk.
Elon Musk has been found guilty of trying to lower X's value before acquiring the company.
The billionaire businessman bought the company for $44 billion back in 2022, but a California jury has now ruled that he deliberately tried to lower the value of the stock before completing the acquisition.
Mark Molumphy, a lawyer for the X investors who launched the legal action, said: "We are thrilled with the jury’s decision today. We believe that it is the largest securities jury verdict in United States history. The jury sent a strong message that no one is above the law."
Aaron Arnzen, another lawyer for the investors, said during the trial: "[Musk] wanted a different deal. So he mounted a public spectacle to trash the company, to drive the stock price down, to renegotiate or escape the deal."
Despite this, Musk intends to appeal the court's decision, with his legal team describing the verdict as a "bump in the road".
Musk took control of X in October 2022 and at the time, he outlined his vision for the social media platform, insisting he didn't want it to become "an echo chamber for hate and division".
He said: "Twitter obviously cannot become a free-for-all hell-scape, where anything can be said with no consequences!"
