- Jury says Musk’s comments influenced Twitter stock value.
- Investors claim losses after relying on his statements.
- Damages could run into thousands of pounds per investor.
A jury in San Francisco has found that Elon Musk misled investors during key moments of his £35bn ($44bn) takeover of Twitter in 2022, raising fresh questions about the impact of high-profile executives’ public statements on financial markets.
After two days of deliberations, jurors unanimously concluded that some of Musk’s public comments about Twitter — particularly around fake accounts and the status of the deal — were misleading. The case was brought by a group of investors who argued they made financial decisions based on those statements.
The ruling centres on a turbulent period between May and October 2022, when uncertainty around the deal appeared to affect Twitter’s share price.
Tweets, doubts and market impact
According to the jury, Musk’s statements during that period contributed to a drop in Twitter’s stock price, estimated at between £2.40 and £6.40 ($3 to $8) per share.
At the time, Musk had publicly raised concerns about the number of fake or “bot” accounts on the platform and suggested the deal was “on hold”, before later indicating he might walk away altogether.
The jury found that these comments were not just casual remarks but had a measurable impact on investor behaviour and market value.
Investors involved in the case argued they relied on those signals when buying or selling shares, only to face losses when Musk eventually completed the acquisition at the originally agreed price of £43 ($54.20) per share.
Investors claim losses, Musk pushes back
One of the lead plaintiffs, Brian Belgrave, reportedly told the court he sold thousands of shares at a loss in July 2022, believing the deal would not go through. He later saw the acquisition completed at a significantly higher price.
“I got screwed,” he said, as quoted in a news report. “I got cheated.”
Musk, who testified earlier in the trial, rejected claims that he had misled investors. He reportedly argued that his posts were being overinterpreted and that responsibility lay with how others chose to read them.
During his testimony, he was described as combative at times, resisting direct answers and suggesting that lawyers were attempting to mislead the jury. At one point, he acknowledged his online behaviour, reportedly saying that if the case were about making “stupid tweets”, he would be guilty, as quoted in a news report.
The verdict could open the door to compensation, with investors potentially receiving thousands of pounds each, depending on their losses.
This is not the first legal challenge linked to Musk’s social media activity. He previously faced a lawsuit from Tesla shareholders over his posts, though that case ended in his favour in 2023.
The latest ruling adds to ongoing debate around how much influence high-profile figures can have over markets through public statements, particularly in an era where social media can move prices in real time.
