Musk Testifies in Twitter Shareholder Trial

Tesla CEO faces accusations of making false statements that impacted Twitter's stock price.

Published on Mar. 5, 2026

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Elon Musk, the CEO of Tesla, took the stand on Wednesday in a shareholder trial in San Francisco. Musk is accused of making false and misleading statements that drove down Twitter's stock price before he bought the social media platform.

Why it matters

This trial is significant as it could determine whether Musk is liable for damages related to his statements about the Twitter acquisition, which impacted the company's stock price. The outcome could have broader implications for how executives communicate about potential deals.

The details

Musk is being sued by Twitter shareholders who claim he made false and misleading statements about the $44 billion deal to acquire the social media company. The shareholders allege that Musk's comments, including his concerns about the number of bots on the platform, caused Twitter's stock to decline significantly before the acquisition was completed.

  • Musk took the stand on Wednesday, March 5, 2026.

The players

Elon Musk

The CEO of Tesla who acquired Twitter in a $44 billion deal.

Twitter

The social media platform that Musk acquired in a high-profile deal.

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What they’re saying

“Musk took the stand in a shareholder trial on Wednesday in San Francisco, where he's accused of making false and misleading statements that drove down Twitter's stock price before he bought the social media platform.”

— Associated Press (wn.com)

What’s next

The trial is ongoing, and the judge will ultimately decide whether Musk is liable for damages related to his statements about the Twitter acquisition.

The takeaway

This case highlights the scrutiny and legal risks that executives face when communicating about potential deals, as their statements can significantly impact a company's stock price and shareholder value.