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The nine-person jury returned the verdict after three days of deliberation
    • Unleaded8163@fedia.io
      36·
      21 days ago

      He’s going to have to pay damages, reimbursing investors for the loss caused by his BS.

      Because it is a class action case, it is not clear what amount in damages Musk will have to pay to thousands of shareholders, many of them institutional investors, but it is likely in the billions. The jury awarded shareholders between about $3 and $8 per stock per day.

        • knightly the Sneptaur@pawb.socialEnglish
          9·
          21 days ago

          Yeah. The terms are used interchangably.

          As for the number of days, that depends on when each of the investors who filed the suit bought their shares. IIRC it was a couple of months between those tweets and when the deal was finally completed, so he might end up paying out a few hundred bucks per share for the earliest buyers.

  • neidu3@sh.itjust.worksEnglish
    311·
    21 days ago

    This is why he was tweeting so much about bots (real or not) and a million other excuses why he didn’t really want to buy it at that price - he was trying to sink the share price. And this lawsuit is a class action suit by those who owned said shares - He pissed off rich people, so something painful might actually come of this.

    UPDATE: Looks like $2.1billybobs. Eat shit, elon. Yes, he’s worth much more than that, but his money is tied up. Liquidating that sort of money is gonna be painful.

    • anomnom@sh.itjust.worksEnglish
      2·
      20 days ago

      He’ll just take out another loan on his rocket or Tesla collateral.

      Banks all pretend he’ll pay them back before he dies, but I’m pretty sure the estates will be on the hook. Or a too big to fail ballot ends up paying all these loans back.

  • Lost_My_Mind@lemmy.worldEnglish
    14·
    21 days ago

    Ya know…I feel like we should punish for these types of things differently. A billionaire paying thousands in fees is like me checking the couch cushion for coins to pay a fine.

    I say bring back the stocks in public square.