Key facts
- A federal judge rejected Elon Musk's bid to dismiss a jury verdict finding him liable for defrauding Twitter investors.
- The judge found Musk liable for making two false statements that were material to the trading public.
- Musk's motion to decertify the class of investors was denied.
- The investors' motion for prejudgment interest was granted.
A federal judge on Monday rejected Elon Musk's attempt to dismiss a jury verdict that found the billionaire defrauded Twitter investors during his $44 billion acquisition of the social media company. U.S. District Judge Charles Breyer in San Francisco also denied Musk's motion to decertify the class of investors and granted the investors' motion for prejudgment interest.
Musk had argued that he was not liable for one of his challenged tweets, but the judge found it "readily apparent to the court that Mr. Musk is liable" for making two false statements that were material to the trading public.