SAN FRANCISCO (CN) — A San Francisco jury heard closing arguments Tuesday on whether Elon Musk violated securities law during his $44 billion acquisition of Twitter in 2022.
Investors, including lead plaintiffs Steve Garrett, Nancy Price, John Garrett and Brian Belgrave, sued Musk in October 2022 over claims they suffered major losses when Musk deliberately made misleading statements about the presence of spam bot accounts on Twitter to drive down the company’s stock, in hopes of backing out of the acquisition deal or renegotiating more favorably for himself.
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