Elon Musk bought the company Twitter in 2022. Twitter is a big social network. Today it is called X. Before the purchase, Elon Musk bought shares of the company. He reported this too late. The law in the USA sets rules. People must report purchases fast. Elon Musk did not do this.
Twitter shareholders lost money because of this. They did not know about his purchases. They sold their shares too cheap. A jury in San Francisco has now decided. The jurors say: Elon Musk acted with intent. He wanted to save money. This was fraud against the investors. He must now pay a high fine. It is about many million dollars.
Elon Musk can still appeal the verdict. His lawyers check the next step. This is a hard loss for the billionaire. He is one of the richest people in the world. Still, he must follow the rules on the stock market. The verdict is an important sign for investor protection. It shows: Powerful people have no special rights.
