TheRetroArcade
Veteran
Posts: 1,997
Joined: Feb 2026
Joined: Feb 2026
"This is a great example of what you cannot do to the average investor," said attorney Joseph Cotchett.
When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works.
Keep up to date with the most important stories and the best deals, as picked by the PC Gamer team.
You are now subscribed
Your newsletter sign-up was successful
Want to add more newsletters?
Every Friday
GamesRadar+
Your weekly update on everything you could ever want to know about the games you already love, games we know you're going to love in the near future, and tales from the communities that surround them.
Every Thursday
GTA 6 O'clock
Our special GTA 6 newsletter, with breaking news, insider info, and rumor analysis from the award-winning GTA 6 O'clock experts.
Every Friday
Knowledge
From the creators of Edge: A weekly videogame industry newsletter with analysis from expert writers, guidance from professionals, and insight into what's on the horizon.
Every Thursday
The Setup
Hardware nerds unite, sign up to our free tech newsletter for a weekly digest of the hottest new tech, the latest gadgets on the test bench, and much more.
Every Wednesday
Switch 2 Spotlight
Sign up to our new Switch 2 newsletter, where we bring you the latest talking points on Nintendo's new console each week, bring you up to date on the news, and recommend what games to play.
Every Saturday
The Watchlist
Subscribe for a weekly digest of the movie and TV news that matters, direct to your inbox. From first-look trailers, interviews, reviews and explainers, we've got you covered.
Once a month
SFX
Get sneak previews, exclusive competitions and details of special events each month!
A Californian jury has found that Elon Musk misled investors before his $44 billion takeover of Twitter in 2022, as reported by the BBC. Musk had testified he did not believe his tweets were misleading, but conceded, "If this was a trial about whether I made stupid tweets, I would say I'm guilty." Sometimes the headlines write themselves.
The jury found that, while Musk did not deliberately set out to defraud shareholders, two of his tweets from 2022 were materially false or misleading, and caused some investors to sell shares at below the eventual $54.20 per share that Musk paid for the social media company. The tweets in question are from May 13th and May 27th, 2022, and read as follows:
May 13th, 2022: Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users
May 27th, 2022: 20% fake/spam accounts, while 4 times what Twitter claims, could be *much* higher.
My offer was based on Twitter’s SEC filings being accurate.
Yesterday, Twitter’s CEO publicly refused to show proof of <5%.
This deal cannot move forward until he does.
Keep up to date with the most important stories and the best deals, as picked by the PC Gamer team.
Musk attempted to back out of an agreement to buy Twitter in July 2022, flinging some wild accusations at Twitter's then-leadership as he did so, but after several months of legal back-and-forth he purchased the company for his original offer price in October that year. He soon renamed the company X, merged it with his artificial intelligence company xAI, and then with SpaceX.
This class action lawsuit (Pampena v. Musk) was filed shortly afterwards by various investors, who claimed that Musk had been deliberately trying to drive down the share price in order to force a renegotiation of the $44 billion price tag. Lawyers for the group claimed that posts like the above made shareholders sell at a much lower price than they would have received, had they retained their shares until the deal was complete.
"Elon Musk cheated investors to save himself billions of dollars," said Aaron Arnzen, representing the investors, adding that Musk wanted to "trash Twitter with his personal megaphone, his Twitter account, punish the stock and try to renegot...Read more: Full article on www.pcgamer.com
What do you think about this?
When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works.
Keep up to date with the most important stories and the best deals, as picked by the PC Gamer team.
You are now subscribed
Your newsletter sign-up was successful
Want to add more newsletters?
Every Friday
GamesRadar+
Your weekly update on everything you could ever want to know about the games you already love, games we know you're going to love in the near future, and tales from the communities that surround them.
Every Thursday
GTA 6 O'clock
Our special GTA 6 newsletter, with breaking news, insider info, and rumor analysis from the award-winning GTA 6 O'clock experts.
Every Friday
Knowledge
From the creators of Edge: A weekly videogame industry newsletter with analysis from expert writers, guidance from professionals, and insight into what's on the horizon.
Every Thursday
The Setup
Hardware nerds unite, sign up to our free tech newsletter for a weekly digest of the hottest new tech, the latest gadgets on the test bench, and much more.
Every Wednesday
Switch 2 Spotlight
Sign up to our new Switch 2 newsletter, where we bring you the latest talking points on Nintendo's new console each week, bring you up to date on the news, and recommend what games to play.
Every Saturday
The Watchlist
Subscribe for a weekly digest of the movie and TV news that matters, direct to your inbox. From first-look trailers, interviews, reviews and explainers, we've got you covered.
Once a month
SFX
Get sneak previews, exclusive competitions and details of special events each month!
A Californian jury has found that Elon Musk misled investors before his $44 billion takeover of Twitter in 2022, as reported by the BBC. Musk had testified he did not believe his tweets were misleading, but conceded, "If this was a trial about whether I made stupid tweets, I would say I'm guilty." Sometimes the headlines write themselves.
The jury found that, while Musk did not deliberately set out to defraud shareholders, two of his tweets from 2022 were materially false or misleading, and caused some investors to sell shares at below the eventual $54.20 per share that Musk paid for the social media company. The tweets in question are from May 13th and May 27th, 2022, and read as follows:
May 13th, 2022: Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users
May 27th, 2022: 20% fake/spam accounts, while 4 times what Twitter claims, could be *much* higher.
My offer was based on Twitter’s SEC filings being accurate.
Yesterday, Twitter’s CEO publicly refused to show proof of <5%.
This deal cannot move forward until he does.
Keep up to date with the most important stories and the best deals, as picked by the PC Gamer team.
Musk attempted to back out of an agreement to buy Twitter in July 2022, flinging some wild accusations at Twitter's then-leadership as he did so, but after several months of legal back-and-forth he purchased the company for his original offer price in October that year. He soon renamed the company X, merged it with his artificial intelligence company xAI, and then with SpaceX.
This class action lawsuit (Pampena v. Musk) was filed shortly afterwards by various investors, who claimed that Musk had been deliberately trying to drive down the share price in order to force a renegotiation of the $44 billion price tag. Lawyers for the group claimed that posts like the above made shareholders sell at a much lower price than they would have received, had they retained their shares until the deal was complete.
"Elon Musk cheated investors to save himself billions of dollars," said Aaron Arnzen, representing the investors, adding that Musk wanted to "trash Twitter with his personal megaphone, his Twitter account, punish the stock and try to renegot...Read more: Full article on www.pcgamer.com
What do you think about this?