Trending Now - Jury Finds Elon Musk Deceived Investors in Twitter Acquisition

WHO:

Elon Musk, CEO of Tesla and SpaceX

Twitter shareholders, including institutional investors

Plaintiffs in the class action lawsuit, Pampena v. Musk

Jury in San Francisco, California

WHAT:

The jury deliberated for 3 days before returning the verdict on March 20, 2026.

The jury found that Musk was liable for misleading investors with two specific tweets, but did not find him liable for a statement made on a podcast.

The jury awarded shareholders damages between approximately $3 and $8 per stock per day, with total damages potentially reaching up to $2.6 billion.

Musk's fortune is currently estimated at about $650 billion, according to Bloomberg.

The jury found that Musk was liable for misleading investors with two specific tweets, including one stating the Twitter deal was "temporarily on hold."

The jury awarded shareholders damages between approximately $3 and $8 per stock per day.

Musk's current fortune is estimated at about $814 billion, much of which is tied up in Tesla shares.

Musk's acquisition of Twitter was completed at a price of $54.20 per share.

A jury found Elon Musk liable for misleading investors during his acquisition of Twitter.

Musk's acquisition of Twitter was for $44 billion.

The jury awarded shareholders between $3 and $8 per stock per day.

Total damages could reach up to $2.6 billion, according to attorneys for the plaintiffs.

Musk's tweets caused Twitter shares to slide by almost 10% in a single session.

Musk did not scheme to defraud investors, according to the jury's findings.

WHERE:

San Francisco, California

Delaware (where Twitter went to court to enforce the acquisition)

WHEN:

The trial began on March 2, 2026.

The jury returned the verdict on March 20, 2026.

The class action lawsuit was filed in October 2022.

Musk's acquisition of Twitter was completed in 2022.

WHY:

Plaintiffs argued that Musk's tweets and public statements led to a decline in Twitter's stock price, prompting them to sell shares below the acquisition price of $54.20.

Musk's comments about the number of bots and fake accounts on Twitter led to a decline in stock price.

Plaintiffs argued Musk's actions pressured the board to sell at a lower price due to stock price declines at Tesla.

HOW:

Musk's tweets included a May 13, 2022, statement that the Twitter deal was "temporarily on hold" and another suggesting that fake accounts might account for more than 20% of users.

The trial included testimony from Musk, who claimed that Twitter had a much higher number of fake and spam accounts than the 5% disclosed in regulatory filings.

Musk made statements on Twitter and during a podcast that misled investors.

Musk claimed the acquisition was "temporarily on hold" until Twitter's CEO could prove the level of inauthentic accounts.

(UPDATED March 21, 2026 07:11 UTC)

Yesterday, a jury concluded three days of deliberation by finding Elon Musk liable for misleading investors through two specific tweets, while not holding him accountable for a statement made on a podcast. The jury awarded shareholders damages estimated to be between $3 and $8 per stock per day, potentially totaling up to $2.6 billion, as plaintiffs argued that Musk's tweets contributed to a decline in Twitter's stock price. Musk's current fortune is estimated at about $650 billion, with his controversial tweets including a May 2022 claim that the Twitter deal was "temporarily on hold" and a suggestion that fake accounts might make up more than 20% of users.

(UPDATED March 21, 2026 01:21 UTC)

In a significant legal ruling, a jury found Elon Musk liable for misleading investors through two tweets, including one that claimed his Twitter deal was "temporarily on hold," and awarded shareholders damages estimated between $3 and $8 per stock per day. Plaintiffs argued that Musk's statements led to a drop in Twitter's stock price, causing them to sell shares for less than the acquisition price of $54.20. During the trial, Musk testified that Twitter had a far greater number of fake and spam accounts than the 5% disclosed in regulatory filings, which he claimed justified his concerns.

(UPDATED March 20, 2026 23:11 UTC)

A jury in San Francisco found Elon Musk liable for misleading investors during his $44 billion acquisition of Twitter, awarding shareholders between $3 and $8 per stock per day, with total damages potentially reaching up to $2.6 billion. The trial, which began on March 2, 2026, revealed that Musk's tweets and comments about bots and fake accounts contributed to a nearly 10% drop in Twitter's stock price, although the jury concluded he did not scheme to defraud investors. The class action lawsuit was filed in October 2022, and Musk's controversial statements pressured the board to sell at a lower price due to declines in Tesla's stock.