Elon Musk's effort to overturn a shareholder litigation ruling pertaining to his 2022 takeover of Twitter has been officially denied by US District Judge Charles Breyer in San Francisco.
Despite concluding that Elon Musk was not responsible for one of his contested tweets, a federal court rejected Musk's attempt on Monday to overturn a recent jury verdict that found the richest person in the world had deceived Twitter investors when purchasing the social media business, reported Reuters.
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Additionally, US District Judge Charles Breyer in San Francisco granted the investors' request for prejudgment interest while rejecting Musk's attempt to decertify the class of stockholders.
On March 20, Musk was held accountable for attempting to lower Twitter's stock price in order to renegotiate or withdraw his $44 billion acquisition of the social media firm in 2022.
Jurors held Musk accountable for remarks he made on May 13 and May 17, 2022, in which he questioned if Twitter was dominated by "bots," or phoney and spam accounts.
Breyer discovered "substantial evidence of falsity" in the May 13 post, which led to a sharp decline in Twitter's stock price. However, he claimed that Musk was not responsible for the May 17 tweet because there was no market response.
In March, after the verdict, a plaintiff's attorney had calculated that damages might reach almost $2.5 billion.
In October 2022, Musk completed his takeover of the business. On July 23, 2023, the name was changed to X, and the recognisable bluebird logo was formally replaced.
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