US Edition
Jury Finds Musk Misled Twitter Shareholders During Takeover Fight
A San Francisco jury ruled Musk misled investors by suggesting he might exit the deal, causing Twitter’s stock to fall nearly 18%, with damages estimated up to $2.6 billion.
- On Friday, a San Francisco jury found Elon Musk misled Twitter shareholders ahead of his $44 billion acquisition in 2022 after nine jurors deliberated almost four days during a nearly three-week trial at San Francisco Superior Court.
- Elon Musk publicly questioned X's bot estimates and suggested the deal was 'temporarily on hold', while plaintiffs say this pressured the board amid Tesla's share decline to renegotiate or exit.
- Evidence showed the share price plunged nearly 18% as Twitter's stock traded around $33, about 40% below the agreed price, with two May 2022 tweets cited for a price impact of roughly $8 per share to $3 per share.
- The Associated Press reports potential damages of about $2.1 billion, plaintiffs' counsel estimates about $2.6 billion, and payouts may take six months, with Monte Mann warning, 'Going forward, this will have a real chilling effect.'
- Musk's lawyers told AFP they will appeal the verdict, which arrives as litigation over Grok intensifies, including a suit last week by three teenagers alleging explicit fake images generated by xAI.
22 Articles
22 Articles
Musk Vows to Appeal After Jury Finds He Misled Shareholders.
PULSE POINTSWHAT HAPPENED: Elon Musk plans to appeal a federal jury verdict that found him liable for misleading Twitter shareholders by driving down the platform’s stock price ahead of his $44 billion acquisition in 2022.WHO WAS INVOLVED: Elon Musk, Twitter shareholders, and the plaintiffs’ attorney Mark Molumphy.WHEN & WHERE: March 20, 2026, in a federal court ruling related to events surrounding Musk’s acquisition of Twitter in 2022.KEY QUOTE…
He defamed the social network so that he could eventually buy it himself at a lower price. That is the verdict of a US court, according to which multibillionaire Elon Musk defrauded Twitter investors. Bloomberg reported.
A jury in San Francisco has held Elon Musk liable for fraud against Twitter shareholders in the course of the $44 billion takeover of the short news service. The richest man in the world was accused in the civil trial of deliberately pressing the company's share price in 2022 to renegotiate the purchase price or withdraw from the business. The jury considered it proven that Musk had made false statements in two statements about the number of fak…
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