**A California jury has reached a verdict in the high-profile lawsuit against Elon Musk, finding that his tweets misled Twitter investors before the $44 billion deal to buy the company in 2022.** The jury's decision, reported by CNBC, came after Musk testified that he did not believe his posts would spook markets. However, Musk did admit to making "stupid tweets," stating, "**If this was a trial about whether I made stupid tweets, I would say I'm guilty.**" The jury did not find that Musk engaged in a specific scheme to defraud shareholders. Despite this, the jury found that two of Musk's tweets, posted on May 13th and May 27th, 2022, were materially false or misleading. These tweets, which referenced Twitter's handling of fake accounts, caused some investors to sell shares in the company at values below the $54.20 per share bid. Musk's attorneys are expected to file an appeal, as damages could reach as high as $2.6 billion, according to attorneys representing the plaintiffs. **The lawsuit centers on Musk's tweets about Twitter's handling of fake accounts, which he claimed could be "much" higher than the 20% figure cited by Twitter.** On May 13th, 2022, Musk tweeted, "**Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users**." He later followed up on May 27th, stating, "**20% fake/spam accounts, while 4 times what Twitter claims, could be *much* higher. My offer was based on Twitter's SEC filings being accurate. Yesterday, Twitter's CEO publicly refused to show proof of <5%. This deal cannot move forward until he does.**" The jury's decision comes after months of legal wrangling, during which Musk attempted to back out of the agreement in July 2022. However, after accusing Twitter and its executives of committing fraud, Musk agreed to close the deal at the original price in early October 2022. Investors filed their class action lawsuit against Musk shortly after.