A jury has ruled that Elon Musk misled investors by lowering Twitter's stock price before his $44 billion acquisition in 2022, but cleared him of some fraud claims. The trial focused on Musk's tweets and podcast comments.
The jury determined that Musk was liable for misleading investors through two tweets, including one stating the Twitter deal was 'temporarily on hold.' However, they found he did not intentionally scheme to defraud investors based on a podcast statement. The civil trial was part of a class-action lawsuit filed before Musk took control of Twitter, now known as X. Jurors awarded shareholders damages ranging from $3 to $8 per stock per day.