Elon Musk Says “I’m Guilty Of Stupid Tweets” During Twitter Trial Testimony

Elon Musk’s “Stupid Tweets” Remark Steals Spotlight During High-Stakes Twitter Stock Manipulation Court Trial

Billionaire tech entrepreneur Elon Musk struck a candid tone in a US courtroom while testifying in a trial linked to his controversial 2022 takeover of Twitter.

Taking the stand during proceedings in San Francisco, Musk acknowledged his impulsive social media posts, telling jurors that if the case were about his tweets, he would plead guilty.

“If this was a trial on whether I’ve made stupid tweets, I’d say I’m guilty,” Musk said, drawing attention to the posts that investors say influenced the company’s stock price during the chaotic months of the acquisition.

The remarks came as Musk defended his actions in a lawsuit that accuses him of manipulating Twitter’s stock through public comments during the $44 billion takeover saga.

What Triggered the Lawsuit?

The case is a result of a class-action lawsuit filed by Twitter shareholders, who sold their stocks during the volatile period between May and October 2022, when news about Musk’s acquisition bid filled the headlines.

Shareholders claim that Musk broke US securities laws by making statements that created uncertainty around the acquisition deal. The tweet that has raised the most eyebrows is when Musk claimed that the acquisition is “temporarily on hold” due to spam and bots on the microblogging site.

According to the plaintiffs, those remarks rattled investors and contributed to sharp fluctuations in Twitter’s share price. They argue Musk’s enormous social media influence allowed him to shape market sentiment that harmed shareholders.

Musk Defends His Posts

During his testimony, Musk claimed that his statements were a reflection of his genuine concerns over the social media platform and not an effort to manipulate the market.

Musk said it is hard to forecast how a tweet would affect the stock market and that his comments may not always have the impact that people think they will. He said he was trying to get clarity on how many fake accounts existed on the social media platform before moving forward with the acquisition.

His lawyers argued that the statements were part of legitimate negotiations rather than deliberate efforts to move the stock price.

How did the Takeover Close?

After months of legal battles, Musk finally acquired Twitter in October 2022 for the initial agreed-upon price of $54.20 per share. Musk later renamed the app ‘X’ and implemented significant changes, ranging from leadership changes to policy changes.

The San Francisco trial might decide whether Musk’s public statements crossed the line between outspoken commentary and market manipulation. This could set an example for powerful executives on how to communicate on social media.