A US jury has found Elon Musk liable for investor losses linked to his posts during the $44 billion acquisition of Twitter.
The verdict, delivered at a federal court in California, concluded that some of Musk’s public statements, including claims that the deal was “temporarily on hold,” influenced the company’s share price and impacted investors.
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However, the jury did not find clear evidence that he intentionally sought to manipulate the market.Lawyers representing shareholders argued that Musk’s comments were aimed at lowering Twitter’s valuation during negotiations.
They said his actions cost investors billions.The exact damages will be determined later, though estimates suggest the payout could reach several billion dollars.
Musk’s legal team downplayed the ruling, describing it as a temporary setback and indicating plans to appeal.
The case stems from Musk’s 2022 takeover bid, during which he raised concerns about fake accounts on the platform and at one point attempted to withdraw from the deal before completing the acquisition.
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