Elon Musk took the witness stand in a San Francisco federal court trial in which Twitter shareholders accuse him of securities fraud, arguing he used public statements during the 2022 acquisition saga — including posts about bots and a tweet that put the deal “temporarily on hold” — to drive down the company’s share price ahead of his eventual purchase. Reporting on the case has detailed investor claims that the posts moved markets and caused losses for shareholders who sold before the deal closed.

During testimony, The New York Times quoted Musk downplaying the impact of his social media activity:

I tweet what’s on my mind and the market decides if it’s material.

The newspaper also quoted him adding that

If this was a trial about whether I made stupid tweets, I would say I’m guilty.

The dispute centers on whether Musk’s statements were misleading and intended to influence the stock during negotiations. The acquisition ultimately closed at $54.20 per share, valuing the transaction at about $44 billion, after months of legal wrangling.

Image: Flickr/World Economic Forum / Ciaran McCrickard/Edited– 06.03.2026