But it absolved him of some fraud allegations, finding that he did not “scheme” to mislead investors.
Elon Musk was found guilty for driving down Twitter’s stock price in the months leading up to his 2022 acquisition of the app, now X. PIC/PTI
A jury has found Elon Musk liable for defrauding investors by deliberately driving down Twitter’s stock price in the tumultuous months leading up to his 2022 acquisition of the social media company for $44 billion. But it absolved him of some fraud allegations, finding that he did not “scheme” to mislead investors.
The civil trial in San Francisco centred on a class-action lawsuit filed just before Musk took control of Twitter, which he later renamed X. Jurors were asked to decide if two tweets and comments Musk made on a podcast in May 2022 amounted to him intentionally defrauding Twitter shareholders, who sold their shares based on Musk’s statements.
“It’s an important victory, not just for investors of Twitter, but for the public markets,” said Mark Molumphy, an attorney for the plaintiffs. “I think the jury’s verdict sends a strong message that just because you’re a rich and powerful person, you still have to obey the law, and no man is above the law.” Musk’s legal team referenced other cases Musk won and said they will appeal.
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