By Our Correspondent

National News – A California federal jury has ruled that tech billionaire Elon Musk misled Twitter shareholders, causing the social media company’s stock price to drop ahead of his $44 billion acquisition in 2022.

The class-action verdict could cost Musk billions in damages, with jurors estimating losses around $2.6 billion.

Musk’s legal team announced plans to appeal, describing the decision as a “setback” for the entrepreneur.

During the three-week trial in San Francisco, the jury reviewed Musk’s in-person testimony and examined two tweets from May 2022 that allegedly contained false statements impacting Twitter’s market value.

The suit, filed by investor Giuseppe Pampena on behalf of shareholders who sold between May and October 2022, claims Musk sought to manipulate the stock price to renegotiate the purchase terms.

Musk eventually completed the acquisition in late October 2022 and rebranded the platform as X.

Jurors determined that Musk violated federal securities regulations that prohibit false and misleading statements affecting share prices.

Legal analysts note that this case represents a rare defeat for Musk, often referred to as “Teflon Elon” for his ability to overcome high-profile lawsuits.

Earlier the same day, a Texas court cleared him in a separate defamation case.

The trial highlighted Musk’s attempts to delay the purchase over concerns about Twitter’s reported percentage of automated accounts, or “bots.”

Critics argued these statements were part of a strategy to pressure the board into accepting a lower acquisition price while Tesla’s stock was declining.

Despite challenges, Musk integrated X with his AI startup, xAI, and continued operations under SpaceX.

Forbes recently estimated his net worth at $839 billion, mainly from his holdings in Tesla and SpaceX.

This ruling marks a significant moment in corporate accountability, reinforcing that even high-profile entrepreneurs can face financial consequences for misleading investors.