Overview
- Jurors found two May 2022 tweets, including one saying the purchase was “temporarily on hold,” misled investors, but rejected a broader fraud scheme claim and cleared a podcast remark.
- Damages were set at roughly $3 to $8 per share per day for the class period, with plaintiffs estimating total exposure of about $2.1 billion to $2.6 billion; the final amount will be determined later.
- The class action covers investors who sold Twitter shares between May 13 and October 4, 2022, alleging they sold at deflated prices following Musk’s public statements.
- The trial began March 2 in San Francisco federal court, featured testimony from Musk and former Twitter executives, and concluded with a verdict after about three days of jury deliberations.
- Musk’s team argued his comments reflected genuine concerns over bot and spam levels; he ultimately completed the $44 billion purchase in October 2022 and later rebranded Twitter as X, with lawyers now signaling an appeal.