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News|Elon MuskUS jury finds Elon Musk misled investors during Twitter purchaseJury finds that two tweets posted in May 2022 by Musk contained false statements responsible for a plunge in Twitter’s share price.

## Legal Update: Securities Case Involving Elon Musk

JBy Jason FordMar 21, 20261 min read

Legal Update: Securities Case Involving Elon Musk

On Fri, a federal jury in California determined that Elon Musk, CEO of Tesla and SpaceX, misled Twitter shareholders, adversely affecting the company's share price. This verdict stems from a class action securities lawsuit, potentially resulting in significant financial damages for Musk.

The case was heard in a San Francisco federal court over a three-week period. The jury concluded that Musk's tweets in May 2022 contained misleading information, leading to a decline in Twitter's share price. Investor Giuseppe Pampena initiated the lawsuit, representing individuals who sold Twitter shares between May and October 2022.

Jurors found that Musk breached securities regulations prohibiting false and misleading statements that negatively impact stock prices. Damages have been estimated at approximately $2.6 billion. However, the jury did not find Musk guilty of fraud allegations, specifically concerning any supposed "scheme" to mislead investors.

This verdict stems from a class action securities lawsuit, potentially resulting in significant financial damages for Musk.
Jason Ford · Thehackingpost

Following the verdict, legal representatives for Musk announced plans to appeal the decision. This legal outcome represents a notable challenge for Musk, who acquired Twitter in October 2022 and subsequently rebranded it as X. Musk's acquisition of Twitter followed a legal battle to enforce the purchase agreement.

In a related legal matter, in 2023, a jury in the same jurisdiction exonerated Musk of similar accusations by Tesla shareholders, related to his 2018 statements about taking Tesla private.

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Musk has since integrated Twitter with his other ventures, including the artificial intelligence startup xAI and SpaceX. As of early this month, Forbes estimated Musk's net worth at $839 billion, largely due to his holdings in companies such as Tesla and SpaceX.

Based on reporting by Al Jazeera.

AI transparency. This article was produced with the assistance of artificial intelligence and published under human editorial oversight. AI systems can make mistakes. Read how we use AI (EU AI Act, Art. 50).
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