A jury has found Elon Musk liable for misleading Twitter investors during the 2022 acquisition of the social media company, delivering a partial but significant legal defeat for the world's wealthiest person.
The panel concluded that Musk misled shareholders through tweets posted during the $44 billion buyout process. Central to the case was Musk's public claim that Twitter harboured too many bot accounts, which he used as justification for attempting to exit his commitment to purchase the company. Investors sued shortly after the deal closed, arguing those statements caused them financial harm.
The jury did not find Musk guilty of the more serious charge of engaging in a scheme to defraud Twitter investors, a distinction his legal team will likely lean on in an appeal it has already signalled is forthcoming.
Musk completed the Twitter acquisition in late 2022 and subsequently rebranded the platform as X. The lawsuit was among several legal challenges arising from the chaotic months between his initial bid and the eventual closing of the deal.
The damages exposure and next steps in the case were not detailed in available reporting at the time of publication.
