A US federal judge rejects Elon Musk’s bid to set aside a fraud verdict tied to his conduct relating to Twitter, according to multiple reports. The case stems from allegations that Musk attempted to influence Twitter’s stock price in connection with his 2022 bid to acquire the company. One report says the court previously held Musk accountable for trying to lower Twitter’s stock price to renegotiate or withdraw his roughly $44 billion acquisition.
In a March 20 ruling, US District Judge Charles Breyer of San Francisco denies Musk’s motion in most respects, including his request to overturn the verdict. Several outlets also report that Breyer denied Musk’s motion to decertify the investor class. The judge grants investors’ request for prejudgment interest. Courthouse News further reports that the judge makes at least one partial decision in Musk’s favor, addressing how the effect of a specific tweet sent on May 17, 2022 is treated in the case.
Overall, the rulings keep the fraud verdict in place while adjusting at least one aspect related to the May 17 tweet and granting financial relief to the investors.
