ChainThink report, on March 21, according to CNN, a California jury largely upheld claims brought by Twitter (now rebranded as X) shareholders, who alleged that billionaire Elon Musk made false statements prior to his $44 billion acquisition of the social media company in 2022 and intentionally depressed its stock price. However, the jury did not find Musk involved in an "overall scheme to defraud investors."

This verdict concludes a civil class action lawsuit initiated in October 2022—weeks before Musk formally took over the company. During the multi-week trial, Musk was compelled to testify in person. Musk initially agreed to acquire Twitter in April 2022 but spent months attempting to back out of the deal before ultimately completing the acquisition.

According to plaintiffs' attorneys, the jury’s awarded damages are estimated at approximately $2.5 billion, with the final amount contingent on the number of individuals who ultimately file claims to join the class action.

As reported by Musk’s legal team, Musk intends to appeal the ruling. His counsel, Quinn Emanuel Urquhart & Sullivan, noted that Musk has successfully appealed in other unrelated cases recently filed in Texas and Delaware.