Elon Musk Faces Jury: Twitter Shareholder Trial on Alleged Stock Manipulation

Elon Musk faces a federal jury over accusations of manipulating Twitter's stock in 2022. Shareholders claim he publicly questioned Twitter's legitimacy to drive down its stock value before renegotiating his $44 billion purchase. Musk counters, citing legitimate concerns over bot prevalence. Jury deliberations continue to determine if Musk committed fraud.

Elon Musk, known as the world's richest individual, is embroiled in a legal battle as a federal jury considers allegations of stock manipulation during his Twitter acquisition. Former Twitter shareholders accuse Musk of undermining the company's stock price in 2022, claiming his public criticism damaged investor confidence and led to a reevaluation of the $44 billion deal.

During closing arguments, Mark Molumphy, representing the shareholders, argued Musk deceived investors by suggesting a higher prevalence of spam accounts on Twitter than the disclosed 5%. Conversely, Musk's attorney, Michael Lifrak, insists Musk's inquiries were genuine, focused on assessing the bot issue rather than financial manipulation.

The jury is tasked with evaluating whether Musk's comments constituted securities fraud. Musk is no stranger to courtroom confrontations, having previously litigated over his Tesla company and faced a SEC lawsuit. The current proceedings, which started on March 2, cover stock sales from May to October 2022. Meanwhile, Musk's ventures, including the newly rebranded 'X', continue to reflect his vast economic influence.

(With inputs from agencies.)