Elon Musk’s bid to overturn Twitter fraud verdict rejected by U.S. judge

U.S. District Judge Charles Breyer in San Francisco denied Elon Musk’s motions to set aside the March 20 jury verdict that found him liable for defrauding Twitter investors during his 2022 $44 billion acquisition. The jury concluded Musk’s May 13, 2022 tweet that the deal was “temporarily on hold” because of alleged fake‑account concerns was false and caused an 18% drop in Twitter’s stock price; the May 17 tweet was not held liable. Breyer wrote, “Even if the speaker has a change of heart … such qualms do not justify lying to the investing public,” and upheld the class‑action certification while granting investors’ request for prejudgment interest. Lawyers for the plaintiffs estimate potential damages of roughly $2.5‑$2.6 billion. Musk also faces a separate lawsuit in Manhattan over delayed disclosure of his initial Twitter stake.