Marcus SchulerA San Francisco jury found Elon Musk liable for two misleading tweets during the 2022 Twitter takeover, though rejected broader fraud claims. Damages could exceed $2 billion across the five-month class period. Musk's "deal temporarily on hold" tweet sent shares down 9.6% in one day. His first major courtroom loss after years of legal victories.
Musk Loses Twitter Fraud Trial, Jury Rejects Scheme Claim
Elon Musk lost a securities fraud trial in San Francisco on Friday, his first major courtroom defeat in years. A jury found two tweets misled Twitter investors but rejected the broader scheme-to-defraud claim. Damages could exceed $2 billion. His own two-word testimony may have sealed it.