From Fox Business:
A California jury on Friday concluded that Elon Musk misled Twitter investors ahead of his $44 billion acquisition of the social media giant in 2022.
The verdict from a jury in San Francisco federal court came in a closely watched trial in which Musk was accused of falsely claiming that Twitter underreported how many fake and spam accounts, known as bots, were on its platform.
Musk ultimately completed his purchase of Twitter in October 2022 and renamed it X. He has since folded it into his rocket and space exploration company SpaceX.
The class action lawsuit, Pampena v. Musk, was filed in October 2022.
“This verdict sends a clear message — if you move the market with your words, you own the consequences,” said Armstrong Teasdale trial lawyer Monte Mann.
“Going forward, this will have a real chilling effect. Executives and dealmakers will need to think carefully about how public statements can be interpreted — not just as disclosure but as part of the negotiation itself.”
A jury has found Elon Musk liable for misleading investors by deliberately driving down Twitter's stock price in the tumultuous months leading up to his 2022 acquisition of the social media company for $44 billion. But it absolved him of some fraud allegations, finding that he… pic.twitter.com/MHnrmtzxGD
— ABC7 News (@abc7newsbayarea) March 20, 2026
Read more at Fox Business
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