Overview
- Jurors returned a unanimous verdict after nearly four days of deliberations following a trial that began on March 2.
- The panel concluded two Musk tweets on May 13 and 17, 2022, were materially misleading and helped drive a sharp drop in Twitter’s share price, including nearly 10% in one session.
- Musk was cleared of an alleged coordinated scheme to depress the stock, and a podcast comment was deemed opinion rather than a factual claim.
- Plaintiffs’ lawyers cited total losses of about $2.1 billion, while shareholders’ attorney Francis Bottini estimated potential damages near $2.5 billion.
- Musk’s legal team called the decision an obstacle and said they plan to appeal, as the case moves to determine the size of any payout.