A jury has found that Elon Musk made misleading public statements during a critical period of his 2022 takeover of Twitter.
Following two days of deliberations, jurors in a San Francisco federal court delivered a unanimous verdict against the tech billionaire. The case was brought by a group of Twitter investors who argued they had relied on Musk’s public comments.
Testifying earlier this month, Musk maintained that he had not misled investors, suggesting instead that his statements and tweets had been overinterpreted.
However, the jury concluded that several of his public claims—particularly regarding alleged issues with Twitter’s user metrics and indications that he might withdraw from the $44 billion acquisition—were intentionally misleading.
Legal representatives for Musk declined to comment on the verdict, as did lawyers for the investors, led by Brian Belgrave.
The case marks another instance of legal scrutiny over Musk’s social media activity. He previously prevailed in a 2023 lawsuit filed by Tesla shareholders who accused him of issuing misleading statements about the company.
In its ruling on Friday, the jury determined that Musk’s public remarks contributed to a decline in Twitter’s share price, estimating a reduction of between $3 and $8 per share between May and October 2022.
As a result, investors included in the class action may be entitled to receive thousands of dollars in damages.
Commenting on the outcome, trial attorney Monte Mann of Armstrong Teasdale said the decision “sends a clear message”.
“If you move the market with your words, you own the consequences.”
Beginning in May 2022, Musk publicly raised concerns about the prevalence of fake accounts, or “bots,” on the platform. He subsequently announced that the acquisition was “on hold” before later signaling his intention to abandon the deal altogether.
Twitter responded by initiating legal action to compel Musk to proceed with the transaction. In early October, he ultimately completed the acquisition at the originally agreed price, later rebranding the platform as X.
The period of uncertainty proved financially damaging for some investors, including Belgrave, who traded Twitter shares during that time.
Belgrave testified that he sold thousands of shares in July 2022 after concluding—based on Musk’s public statements—that the acquisition would not go ahead.
He sold at a loss compared with his initial purchase price, and significantly below the $54.20 per share Musk ultimately paid.
“I got screwed,” Belgrave said. “I got cheated.”
During his testimony, Musk adopted a combative stance toward lawyers representing the investor class, at times refusing to provide direct “yes” or “no” answers and accusing counsel of attempting to mislead the jury.
“If this was a trial on whether I’ve made stupid tweets, I’d say I’m guilty,” Musk conceded at one point.
