Elon Musk misled Twitter investors in an effort to try to lower its purchase price, a jury finds

Elon Musk arrives at federal court on March 4, 2026, ahead of his trial in a civil case for manipulating Twitter's stock price prior to his purchase of the company in 2022. Josh Edelson/Getty Images 2026-03-20T22:48:33.306Z Share Copy link Email Facebook WhatsApp X LinkedIn Bluesky Threads lighning bolt icon An icon in the shape of a lightning bolt.

Impact Link Save Saved Read in app This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in. Elon Musk misled Twitter investors ahead of his 2022 purchase of the site, a jury found. Musk had complained about bots on the site in an effort to lower the company's value, the jury found. Damages in the case will be decided at a later date. AI-generated summary Summaries are generated by an AI model trained on Business Insider's articles. AI may make mistakes or provide inaccurate/incomplete information. We're unable to load that answer right now. Please try again. How do stock manipulation cases proceed? How do bots affect company valuations? How are damages typically calculated in fraud? What are the legal consequences for Musk? What is the history of Twitter's ownership? A jury on Friday found that Elon Musk's complaints about bots on Twitter ahead of his purchase of the site were intentionally misleading to shareholders. Loading audio narration... The jury in Musk's San Francisco securities fraud trial unanimously found him liable for making two misleading statements in the run-up to his 2022 acquisition of the social media site. They rejected two other fraud claims.The jury calculated how much Musk's complaints about bots on Twitter affected the company's share price before his acquisition, tracking five months of stock activity that showed a steep drop off after his comments. The jury found that Musk's remarks were intended to lower the company's value to secure a better deal in his $44 billion takeover. The suit, brought by former Twitter shareholders, was filed in October 2022. After a three-week trial, the jury deliberated for about three days before reaching its decision. Lawyers for Musk are expected to appeal the finding.Monte Mann, business litigation partner and trial lawyer at the law firm Armstrong Teasdale, told Business Insider the verdict reflects how juries are increasingly scrutinizing whether executives' public statements function as dealmaking tools, not just opinions. "What likely resonated with the jury was the pattern—statements, timing, and market reaction all lining up in a way that suggested this wasn't just commentary," Mann said. "It looked like strategy."Damages in the case, which attorneys for the plaintiffs said may amount to $2.6 billion, will be determined after affected shareholders submit claims.X, Musk, his attorney, and an attorney representing the plaintiffs did not immediately respond to requests for comment.