Elon Musk Found Liable for Twitter Stock Drop, Court Rules

Elon Musk has been found liable for the drop in Twitter's stock price during the acquisition period, according to a court ruling.

Jurors sided with investors who had filed a lawsuit against the billionaire, accusing him of publicly disparaging the company in order to lower the stock price and secure a better deal.

The trial took place in a federal court in San Francisco. Musk denied any wrongdoing, arguing that he was expressing legitimate concerns and had no intention of manipulating the stock price.

Mark Molumphy, a lawyer for the Twitter investors, stated that the decision sends a strong message that no one is above the law.

The exact amount that Musk will be required to pay to the investors has not yet been determined, but it could amount to billions of dollars.

During the six-month period covered by the case, investors claimed that Musk agreed to buy Twitter but then backed out, attacking the company.

Twitter's shares plummeted, reaching -20% at times.

Musk's legal team called the verdict "a hurdle in the road" and stated that they anticipate "vindication on appeal."