Musk Challenges Twitter Fraud Verdict Over Jury's '$4.20' Note

Verdict Challenged Over Jury Conduct

A lawyer for Elon Musk has formally requested a federal judge to review a recent jury verdict that found Musk liable for defrauding Twitter investors. The request, filed in San Francisco federal court, alleges jurors acted improperly and were biased against Musk.

The challenge could impact a verdict where damages might reach $2.5 billion.

Allegations of Bias from Verdict Form

In a letter to the court, attorney Alex Spiro highlighted that jurors wrote the number "$4.20" on the verdict form. The legal team argues this "numerical joke," a reference to a number Musk has frequently used, shows the jury intended to "send a message" rather than deliver an impartial verdict based on the evidence presented during the trial.

Background of the Lawsuit

The original verdict found Musk liable for two statements questioning the number of fake accounts on Twitter after he announced his buyout plan. Investors argued these comments were made to drive down Twitter's stock price, causing them financial losses when they sold shares. Musk completed the acquisition in October 2022.

Summary and Outlook

The motion for judicial review introduces new uncertainty into the high-stakes legal battle. The outcome will now depend on whether U.S. District Judge Charles Breyer finds the jury's actions sufficient to question the integrity of the verdict. Lawyers for the investors have not yet responded.

FAQ

Q: Why is Elon Musk's legal team challenging the verdict?
A: They claim the jury was biased, using a "$4.20" note on the verdict form as evidence that jurors were mocking Musk instead of being impartial.

Q: What was Musk found liable for?
A: He was found liable for making misleading statements about fake accounts on Twitter, which allegedly harmed investors by depressing the company's stock price before he completed his buyout.

Source: Investing.com