Jury Weighs Claims Elon Musk Misled Investors in $44B Twitter Deal

Plaintiffs say Musk's statements about bot accounts drove down Twitter's stock price, while defense argues he believed his claims were accurate.

Mar. 18, 2026 at 2:18am by Ben Kaplan

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A jury is now deliberating whether Elon Musk misled investors with comments he made while attempting to buy Twitter in 2022 for $44 billion. Plaintiffs argue Musk's public statements about bots and spam accounts making up a large percentage of Twitter's user base could have depressed the company's stock price, causing shareholder losses. However, Musk's legal team contends he believed his statements were accurate based on the information available at the time and did not commit securities fraud.

Why it matters

This case could have significant implications for Musk's reputation and future business dealings, as well as set precedents around public company executives' obligations to be truthful with investors during major transactions.

The details

Jurors must decide whether Musk should be held liable for statements that plaintiffs say affected Twitter's stock price during the acquisition process. Plaintiffs argue Musk made public claims that bots, spam or nonhuman accounts made up 20% or more of Twitter's users, which they say could have depressed the company's value. Musk's legal team pushed back, arguing he believed his statements about bot activity were accurate and did not commit fraud.

  • The $44 billion Twitter acquisition was completed in 2022.
  • The jury began deliberations in March 2026.

The players

Elon Musk

The CEO of Tesla and SpaceX who attempted to purchase Twitter for $44 billion in 2022.

Mark Molumphy

The attorney representing the plaintiffs, who are Twitter shareholders.

Michael Lifrak

The attorney representing Elon Musk in the case.

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What they’re saying

“So [he] did here what he did on the stand. He trashed the company, he trashed the executives, tanked the stock, then he fled the scene.”

— Mark Molumphy, Plaintiffs' Attorney (KTVU)

“[Plaintiffs] have not proven there was a plot, not one shred of evidence that Mr. Musk purposely drove down the stock price. They haven't proven fraud.”

— Michael Lifrak, Defense Attorney (KTVU)

What’s next

The jury will determine both Musk's liability and any potential damages. The timeline for a verdict is still unclear.

The takeaway

This case highlights the high stakes and complex legal issues that can arise when a high-profile business leader makes public statements that allegedly impact a company's stock price during a major transaction. The outcome could set important precedents around executive accountability to investors.