Overview
- Jurors found two May 2022 tweets, including one saying the deal was "temporarily on hold," contained false statements that drove down Twitter’s stock.
- The panel rejected claims of a broader scheme to defraud and found no liability for Musk’s podcast remarks.
- The class covers investors who sold shares between May 13 and October 4, 2022, with daily damages of about $3 to $8 per share to be tallied later.
- Plaintiffs argued Musk sought leverage to renegotiate or exit the deal as Tesla shares fell, while Musk testified his bot concerns were legitimate and that Twitter underreported spam accounts.
- Musk’s legal team says it will appeal, and the verdict comes alongside a separate SEC case over his delayed disclosure of an earlier Twitter stake; Musk closed the purchase in October 2022 and later rebranded the company as X.