Elon Musk misled Twitter investors, jury finds

March 20, 2026

A San Francisco jury unanimously ruled that Elon Musk made intentionally misleading public statements during his 2022 acquisition of Twitter, causing financial harm to investors. The jury determined that Musk's comments about Twitter's user metrics problems and his threats to abandon the $44 billion deal artificially lowered Twitter's stock price by approximately $3 to $8 per share between May and October 2022. Lead plaintiff Brian Belgrave, an Oregon small-business owner, sold his Twitter shares at a loss in July 2022 after believing Musk would back out based on his public statements, though Musk ultimately completed the purchase at $54.

Who is affected

Elon Musk (defendant found liable)
Twitter investors who bought and sold shares between May and October 2022 (class action members)
Brian Belgrave, a small-business owner from Oregon (lead plaintiff and class representative)
Other members of the investor class who are poised to receive damage payments

What action is being taken

No explicit ongoing actions are described in the article. The jury verdict has been delivered and damages have been determined, but no current actions are mentioned.

Why it matters

This verdict establishes legal accountability for influential figures whose public statements can manipulate stock prices and market behavior. The ruling reinforces that individuals cannot make misleading claims that artificially move markets without facing consequences, particularly when investors rely on those statements for financial decisions. This case is significant because it holds one of the world's most prominent tech billionaires liable for his social media posts and public comments, potentially setting a precedent for how public figures' statements are scrutinized in securities cases. The decision also validates the financial losses suffered by ordinary investors who made decisions based on Musk's misleading communications during the acquisition period.

What's next

No explicit next steps stated in the article

Read full article from source: BBC