Elon Musk testified in a San Francisco shareholder trial, facing allegations of making misleading statements that caused a drop in Twitter’s stock price before his $44 billion acquisition in 2022. The lawsuit claims Musk violated securities laws by publicly declaring his purchase plans “on hold” over concerns about fake accounts, leading to significant stock declines. Musk argued that his comments were not material and insisted he believed Twitter’s disclosures were accurate, despite the stock’s fall following his remarks.
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