Technology billionaire Elon Musk plans to appeal a federal jury verdict issued on March 20, 2026, that found him liable for misleading Twitter shareholders by driving down the platform’s stock price several months before he completed his $44 billion acquisition of the social media company in 2022.
The ruling stems from a class-action lawsuit filed by a group of Twitter investors shortly after Musk finalized the purchase. The verdict addresses Musk’s actions during the period when he initially agreed to buy Twitter at $54.20 per share in April 2022 but later attempted to back out of the deal, prompting the company to file legal action to enforce the agreement.
Jurors held Musk liable for two specific social media posts made after the acquisition agreement: one stating the deal was “temporarily on hold” and another claiming that bots comprised over 20 percent of Twitter’s user base—contrary to the platform’s assertion that less than five percent were bots. However, the jury also determined that the plaintiffs failed to prove Musk engaged in a scheme to defraud investors.
Mark Molumphy, attorney for the plaintiffs, described the verdict as an “important victory” for investors and public markets, stating: “I think the jury’s verdict sends a strong message that just because you’re a rich and powerful person, you still have to obey the law, and no man is above the law.”
Musk’s legal team has announced plans to appeal the decision, asserting they expect vindication through further legal review. The case follows Musk’s rebranding of Twitter as “X” in late October 2022 after completing the acquisition.
Separately, Musk faces a lawsuit from the U.S. Securities and Exchange Commission (SEC) alleging he violated federal securities laws by delaying disclosure of his Twitter stock purchase in March 2022. The SEC claims this delay enabled Musk to buy shares at lower prices, avoiding at least $150 million in costs. Musk has filed to dismiss the SEC case.
