Overview
- A San Francisco federal jury concluded that two of Elon Musk’s May 2022 tweets, including one saying the deal was “temporarily on hold,” contained false or misleading statements that depressed Twitter’s share price.
- The panel rejected broader scheme-to-defraud claims and found no liability for a podcast remark, narrowing the case to the specific tweets.
- Jurors set a damages framework of roughly $3 to $8 per share per day, with plaintiffs estimating a total of about $2.5–$2.6 billion, to be finalized in subsequent proceedings.
- The class covers investors who sold Twitter shares between May 13 and October 4, 2022, during Musk’s effort to question the company’s bot disclosures.
- Musk’s legal team said it will appeal the verdict, as separate SEC scrutiny of his 2022 Twitter stock disclosures continues outside this case.