Jury finds Elon Musk’s ‘stupid tweets’ caused Twitter investors’ losses | The VergeSkip to main contentThe homepageThe VergeThe Verge logo.The VergeThe Verge logo.TechReviewsScienceEntertainmentAIPolicyHamburger Navigation ButtonThe homepageThe VergeThe Verge logo.Hamburger Navigation ButtonNavigation DrawerThe VergeThe Verge logo.Login / Sign UpcloseCloseSearchTechExpandAmazonAppleFacebookGoogleMicrosoftSamsungBusinessSee all techReviewsExpandSmart Home ReviewsPhone ReviewsTablet ReviewsHeadphone ReviewsSee all reviewsScienceExpandSpaceEnergyEnvironmentHealthSee all scienceEntertainmentExpandTV ShowsMoviesAudioSee all entertainmentAIExpandOpenAIAnthropicSee all AIPolicyExpandAntitrustPoliticsLawSecuritySee all policyGadgetsExpandLaptopsPhonesTVsHeadphonesSpeakersWearablesSee all gadgetsVerge ShoppingExpandBuying GuidesDealsGift GuidesSee all shoppingGamingExpandXboxPlayStationNintendoSee all gamingStreamingExpandDisneyHBONetflixYouTubeCreatorsSee all streamingTransportationExpandElectric CarsAutonomous CarsRide-sharingScootersSee all transportationFeaturesVerge VideoExpandTikTokYouTubeInstagramPodcastsExpandDecoderThe VergecastVersion HistoryNewslettersArchivesStoreVerge Product UpdatesSubscribeFacebookThreadsInstagramYoutubeRSSThe VergeThe Verge logo.Jury finds Elon Musk’s ‘stupid tweets’ caused Twitter investors’ lossesComments DrawerCommentsLoading commentsGetting the conversation ready...TechCloseTechPosts from this topic will be added to your daily email digest and your homepage feed.FollowFollowSee All TechNewsCloseNewsPosts from this topic will be added to your daily email digest and your homepage feed.FollowFollowSee All NewsElon MuskCloseElon MuskPosts from this topic will be added to your daily email digest and your homepage feed.FollowFollowSee All Elon MuskJury finds Elon Musk’s ‘stupid tweets’ caused Twitter investors’ lossesMusk’s tweets about spam and bots caused some investors to sell shares for less than the final price.Musk’s tweets about spam and bots caused some investors to sell shares for less than the final price.by Jay PetersCloseJay PetersSenior ReporterPosts from this author will be added to your daily email digest and your homepage feed.FollowFollowSee All by Jay PetersMar 20, 2026, 11:46 PM UTCLinkShareGiftIllustration: Laura Normand / The VergeJay PetersCloseJay PetersPosts from this author will be added to your daily email digest and your homepage feed.FollowFollowSee All by Jay Peters is a senior reporter covering technology, gaming, and more. He joined The Verge in 2019 after nearly two years at Techmeme.A California jury determined that Elon Musk misled Twitter investors before making a $44 billion deal to buy the company in 2022, reports CNBC. The New York Times reports that Musk had testified this month that he didn’t believe his posts would spook markets, but he did say that “If this was a trial about whether I made stupid tweets, I would say I’m guilty.”CNBC reports Musk’s attorneys are expected to file an appeal, as damages could reach as high as $2.6 billion, according to attorneys representing the plaintiffs.While finding that Musk did not engage in a specific scheme to defraud shareholders, the jury cited two of Musk’s tweets, from May 13th and May 27th, 2022, as materially false or misleading, causing some investors to sell shares in Twitter at values below the $54.20 per share bid.May 13th, 2022:Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of usersMay 27th, 2022:20% fake/spam accounts, while 4 times what Twitter claims, could be *much* higher.My offer was based on Twitter’s SEC filings being accurate.Yesterday, Twitter’s CEO publicly refused to show proof of <5%.This deal cannot move forward until he does.Musk tried to back out of his agreement in July, but after months of legal wrangling, as he accused Twitter and its execs of committing fraud, he agreed to close the deal at the original price in early October 2022. 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A California jury has issued a significant judgment against Elon Musk, finding him liable for misleading Twitter investors prior to his $44 billion acquisition agreement in 2022. The core of the legal proceedings stemmed from a series of tweets authored by Musk that were deemed materially false or misleading, particularly concerning the prevalence of spam and fake accounts on the platform. Specifically, the jury focused on two key tweets released on May 13th and May 27th, 2022. The first tweet, released on May 13th, stated that the Twitter deal was temporarily on hold pending verification of details related to the proportion of spam accounts, specifically the assertion that they constituted less than 5% of users. The second, more aggressive, tweet from May 27th asserted that up to 20% of Twitter’s users were in fact fake or spam accounts – a figure significantly higher than Twitter’s publicly stated claim – and that the deal could not proceed until Twitter’s CEO provided evidence to substantiate this claim.

These statements, according to the plaintiffs, caused investors to sell their shares of Twitter at a price substantially below the agreed-upon $54.20 per share. The jury determined that while Musk did not engage in a specific scheme of fraudulent activity, the tweets demonstrably misled investors, contributing to a decline in share value. The judgment carries the potential for damages reaching $2.6 billion, based on the attorneys’ estimations, though these figures are subject to final determination. It’s important to note that Musk’s legal team is expected to file an appeal, citing the magnitude of the potential financial consequences. The case highlights the increasingly scrutinized relationship between social media platforms and investment markets, particularly regarding transparency and the accuracy of information disseminated through public figures. Musk’s attempts to renegotiate the acquisition agreement in July, fueled by accusations of fraud by Twitter executives, ultimately culminated in the successful closure of the deal at the original price in early October 2022, following a protracted legal battle. The lawsuit filed by investors shortly afterward underscores the legal ramifications of public statements made by influential figures with significant sway over market perceptions.