US court finds billionaire Musk guilty of misleading investors when buying Twitter - media

A court in California has ruled that Elon Musk, the world's richest businessman, is involved in misleading investors through manipulative statements on social networks.

This is reported by the Bloomberg agency portal.

According to media reports, the case concerns the period when Musk planned to buy Twitter, which he later renamed X. He was aware of how his publications affected the company's shares and deliberately posted information that contributed to a decrease in their value.

This strategy did not allow him to buy the social network cheaper - the court forced Musk to pay the previously agreed price of USD 54 per share. However, the businessman's actions led to panic among investors, who hastily sold shares, suffering significant financial losses.

During the trial, Musk pleaded not guilty, pointing to excessive attention to his posts. He even joked that he would only admit to being a criminal if he was punished for his bad jokes on social media.

However, the court sided with the investors and ordered Musk to compensate them for financial losses caused by the fall in Twitter's share price.