Closing arguments set to begin in Twitter shareholder trial accusing Musk of driving down stock

Bloomberg03-17 23:58

SAN FRANCISCO -- Closing arguments are set to kick off Tuesday in a trial pitting Elon Musk against Twitter shareholders who say the world’s richest man engaged in a pattern of deceptive behavior that...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2620472846?lang=en_US&edition=fundamental","thumbnail":"https://www.bnnbloomberg.ca/resizer/v2/6U7BMSIWO4OAD4TANONDUPPXZ4.jpg?smart=true&auth=eb517ad96c8e8b0bd2159fdec6460d6d8b07291f2b02f1e2841c57ec4b18dbb0&width=500&height=333","is_english":true,"pubTime":"2026-03-17 23:58","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2620472846","market":"nz","top_or_hot":-1,"title":"Closing arguments set to begin in Twitter shareholder trial accusing Musk of driving down stock","media":"Bloomberg","content":"<div>\n<p>SAN FRANCISCO -- Closing arguments are set to kick off Tuesday in a trial pitting Elon Musk against Twitter shareholders who say the world’s richest man engaged in a pattern of deceptive behavior that...</p>\n\n<a href=\"https://www.bnnbloomberg.ca/business/company-news/2026/03/17/closing-arguments-set-to-begin-in-twitter-shareholder-trial-accusing-musk-of-driving-down-stock/\">Source Link</a>\n\n</div>\n","source":"bnn_bloomberg_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Closing arguments set to begin in Twitter shareholder trial accusing Musk of driving down stock</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nClosing arguments set to begin in Twitter shareholder trial accusing Musk of driving down stock\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-17 23:58 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bnnbloomberg.ca/business/company-news/2026/03/17/closing-arguments-set-to-begin-in-twitter-shareholder-trial-accusing-musk-of-driving-down-stock/><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SAN FRANCISCO -- Closing arguments are set to kick off Tuesday in a trial pitting Elon Musk against Twitter shareholders who say the world’s richest man engaged in a pattern of deceptive behavior that...</p>\n\n<a href=\"https://www.bnnbloomberg.ca/business/company-news/2026/03/17/closing-arguments-set-to-begin-in-twitter-shareholder-trial-accusing-musk-of-driving-down-stock/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4579","symbol_name":"人工智能","start_time":0,"source_url":"https://www.bnnbloomberg.ca/business/company-news/2026/03/17/closing-arguments-set-to-begin-in-twitter-shareholder-trial-accusing-musk-of-driving-down-stock/","article_id":"2620472846","we_media_id":null,"thumbnails":["https://www.bnnbloomberg.ca/resizer/v2/6U7BMSIWO4OAD4TANONDUPPXZ4.jpg?smart=true&auth=eb517ad96c8e8b0bd2159fdec6460d6d8b07291f2b02f1e2841c57ec4b18dbb0&width=500&height=333"],"rights":{"source":"bnn_bloomberg_highlight","url":"https://www.bnnbloomberg.ca/business/company-news/2026/03/17/closing-arguments-set-to-begin-in-twitter-shareholder-trial-accusing-musk-of-driving-down-stock/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2620472846","pubTimestamp":1773763080,"columns":[],"sourceInfo":{"source_id":"bnn_bloomberg_highlight","name":"Bloomberg"},"weMediaInfo":null,"summary":"Closing arguments are set to kick off Tuesday in a trial pitting Elon Musk against Twitter shareholders who say the world’s richest man engaged in a pattern of deceptive behavior that misled investors as he attempted to back out of his US$44-billion deal to buy the social media platform in 2022. ","collect":0,"end_time":0,"defaultTopTitle":"bnnbloomberg.ca","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4579":"人工智能","TWTR":"Twitter","UFO":"Procure Space ETF","BK4516":"特朗普概念","SEC.AU":"SPHERIA EMERGING CO LTD","BK4534":"瑞士信贷持仓","DXYZ":"Destiny Tech100 Inc","BK4508":"社交媒体","BK4077":"互动媒体与服务"},"translate_title":"Twitter股东审判将开始结案陈词，指控马斯克压低股价","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DXYZ":1.5,"SEC.AU":1,"TWTR":1.5,"UFO":0.6},"content_text":"SAN FRANCISCO -- Closing arguments are set to kick off Tuesday in a trial pitting Elon Musk against Twitter shareholders who say the world’s richest man engaged in a pattern of deceptive behavior that misled investors as he attempted to back out of his US$44-billion deal to buy the social media platform in 2022. The civil trial in San Francisco centres on a class-action lawsuit filed just before Musk took control of Twitter, which he later renamed X, in October 2022, six months after agreeing to buy the embattled company for US$44 billion, or $54.20 per share. The price represents a sliver of the Tesla CEO’s fortune, now estimated at US$839 billion.Latest updates on company news hereMuch of the trial focused on Musk’s claims about the number of bots on Twitter. Musk testified, as he long contended, that Twitter had a much higher number of fake and spam accounts than the five per cent it disclosed in regulatory filings. He used what he called Twitter’s misrepresentation of the number of fake accounts on its service as a reason to retreat from the purchase. After Musk tried to back out, Twitter went to court in Delaware to force him to honour his original deal. Just before that case was scheduled to go to trial, Musk reversed course again and agreed to pay what he had originally promised.The problem of bots and fake accounts on Twitter wasn’t new at the time Musk negotiated the deal. The company had paid $809.5 million in 2021 to settle claims it was overstating its growth rate and monthly user figures. Twitter also disclosed its bot estimates to the Securities and Exchange Commission (SEC) for years while also cautioning that its estimate might be too low.But Musk claimed the number was much higher, at least 20 per cent according to some analysts. Saying the bot number was at least this high was like “saying the grass is green or the sky is blue,” Musk said.Twitter’s former CFO Ned Segal disputed this claim and said on the witness stand that the number was actually closer to one per cent. Latest technology news on BNNBloomberg.caAsked if Twitter ever filed false filings to the SEC that misstated its spam numbers, Segal said it did not. But he mentioned that the company once restated its finances after it became aware of a mistake in its calculation of daily users. In 2017, Twitter said it had been overstating its monthly user numbers by mistake because it was including users of a third-party app it should not have.On Monday, the two sides met to go over instructions to the jury. Judge Charles R. Breyer noted that many in the jury pool had negative views on Musk. But, he added, a person who is “not universally liked” still deserves a fair trial, and should not to be treated in a discriminatory or prejudicial way. Barbara Ortutay, The Associated Press","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2620472846","isCrawlerRequest":true}