Overview
- Jurors concluded two May 2022 tweets, including one saying the deal was temporarily on hold, misled investors, but they rejected a broader fraud scheme and found no liability for a podcast remark.
- The nine-person San Francisco jury delivered the verdict after three days of deliberation following a trial that began March 2.
- The class-action damages will be calculated using the jury’s per‑share, per‑day range for the months when affected shareholders sold stock, with the final total to be determined in post‑verdict proceedings.
- Plaintiffs argued Musk’s public doubts about Twitter’s reported bot levels depressed the share price during negotiations after his $54.20-per-share offer to buy the company.
- Musk’s legal team said he will appeal the ruling, framing the mixed findings as a step toward vindication on appeal.