Musk testifies tweet that led to $44 billion lawsuit “may not have been my wisest”

In a dramatic courtroom revelation, Elon Musk has conceded that a tweet central to a $44 billion lawsuit regarding his acquisition of Twitter might not have been his best decision. During testimony in San Francisco, the billionaire defended himself against claims of market manipulation, insisting that his tweet was not meant to influence Twitter's stock price amid ongoing negotiations. A group of investors is alleging that they suffered financial losses after Musk hinted at withdrawing from the deal to gain leverage during discussions, despite knowing he was legally bound to finalize the purchase. After agreeing to acquire the company in April 2022 and foregoing his right to conduct due diligence, Musk began voicing concerns about the platform's bot accounts. On May 13, he tweeted that the deal was "temporarily on hold" unless Twitter could demonstrate that spam and fake accounts constituted less than 5% of its users. This announcement triggered a 9% drop in the company's stock when trading resumed that day. The current trial highlights the ongoing scrutiny surrounding Musk's frequent use of Twitter, which he has since rebranded as X, integrating it with his other ventures like xAI and SpaceX. Musk described the tweet as impulsive, revealing that he had not consulted with any advisors before posting. Reflecting on the incident, he remarked, "It may not have been my wisest tweet. I wouldn't say it's incredibly stupid, but if it led to this trial, it probably qualifies as such." He clarified that his comments about the deal being on hold were meant literally, similar to informing someone he would be late to a meeting, and he did not anticipate that investors would perceive any uncertainty regarding the acquisition.