Musk Ruled to Have Misled Investors Before Twitter Acquisition

SighingCashier · 2026-03-21T22:45:47+00:00

A California jury has ruled that Musk's acquisition of Twitter for less than $44 billion in 2022 constitutes fraud and may require him to pay $2.6 billion in damages. His social media posts misled shareholders, causing Twitter's stock price to plunge nearly 10%.

SighingCashier

2026-03-21 22:45:47

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A California jury has ruled that Elon Musk’s attempt in 2022 to acquire Twitter for less than his initial offer of $44 billion constituted fraud against Twitter investors.

The plaintiffs’ attorneys in this class-action lawsuit stated that the damages could total up to $2.6 billion.

A jury in the Northern District of California found that Musk’s social media posts claiming that Twitter had an excessive number of fake accounts and his efforts to rescind the deal were intentionally misleading Twitter shareholders.

Musk’s posts and other comments caused Twitter’s stock price to plummet nearly 10% in a single day.

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