March 21, 2026 — SUNTV Global Channel
A U.S. federal jury has found billionaire entrepreneur Elon Musk liable for misleading investors during his controversial $44 billion acquisition of Twitter.
The verdict was delivered after a three-week trial in a federal court in San Francisco, California, where jurors concluded that Musk made false and misleading statements in 2022 that influenced the company’s share price.
The case, filed as a class action lawsuit by investor Giuseppe Pampena, represented shareholders who sold their stock between May and October 2022—a period marked by uncertainty over Musk’s commitment to the deal.
At the center of the lawsuit were Musk’s tweets claiming the acquisition was “on hold” pending verification of fake or bot accounts on the platform. Plaintiffs argued that the statements were designed to depress Twitter’s stock value, giving Musk leverage to renegotiate or withdraw from the deal.
The jury agreed that the actions violated U.S. securities laws, with potential damages estimated at up to $2.6 billion.
Despite initially attempting to back out of the agreement, Musk eventually completed the acquisition in October 2022 after legal pressure from the company, later rebranding Twitter as X.
Musk’s legal team has rejected the ruling and confirmed plans to appeal, describing the verdict as a temporary setback.
The decision marks a rare legal defeat for the tech billionaire, who has previously won or avoided liability in several high-profile cases, including a similar investor lawsuit in 2023 and a defamation case in Texas earlier the same day.
Despite the ruling, Musk remains the world’s richest individual, with much of his wealth tied to holdings in Tesla and SpaceX.
SUNTV Global Channel will continue to monitor developments, including the expected appeal process and potential financial implications.
