A federal judge in New York has rejected Elon Musk's bid to overturn a jury verdict that found him guilty of fraud related to his takeover of Twitter. The July 6 ruling by US District Judge James Damasch awarded prejudgment interest and upheld class certification for investors who claimed they were defrauded by Musk’s attempt to reduce the social media platform’s value before he purchased it in April [1]. However, the judge rejected one specific claim that Musk tried to back out of or renegotiate the takeover deal. The damages could total $2.6 billion [1].
In a separate development, New York has filed suit against Kalshi, accusing it of operating an "illegal gambling operation." This comes after a federal judge denied Kalshi's attempts to intervene against the state's Gaming Commission earlier this month [2]. Both Musk and Kalshi are involved in prediction markets, which have been under scrutiny for potential regulatory issues.
The AOL article also reported on Judge Damasch’s ruling, noting that it was similar to Reuters’ coverage but added a local context by mentioning the New York suit against Kalshi [3].