Elon Musk misled investors 'deliberately driving down' Twitter's stock price during takeover, jury finds

Elon Musk's public statements posted to Twitter, alongside comments suggesting he was 'considering backing out' of the deal, were seen to drive down the company’s share price ahead of his purchase, a jury concluded on Friday.

The verdict means the Tesla founder could be ordered to pay out up to $2.6billion, according to damages calculated by jurors.

The case, heard in the San Francisco federal court, saw jurors agree unanimously against Musk, but absolved him of some fraud allegations, finding that he did not “scheme” to mislead investors.

Musk was sued by a group of investors who sold Twitter shares between mid-May of 2022 and early October of that year, just before Musk took control of Twitter, which he later renamed X.

Jurors said that while Musk was liable for misleading investors with two tweets - including one that said the Twitter deal was “temporarily on hold" - he did not do so in a statement he made on a podcast and that he did not intentionally “scheme” to defraud investors.

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