‘I’m guilty’, says Elon Musk as he takes stand in Twitter stock manipulation trial; adds ‘If this was a trial on stupid …’

Elon Musk told a US jury that legal pressure forced him to complete his $44 billion takeover of Twitter in 2022. Testifying in federal court in San Francisco, the world’s richest man said his lawyers warned him he was unlikely to win a court fight against the company.

According to Musk, the legal team believed the judge overseeing the dispute in Delaware was “extremely biased” against him.

Elon Musk’s testimony came as part of a trial where investors accused him of manipulating Twitter’s share price during the months-long takeover saga. During the trial, Musk also addressed his often controversial social media activity. “If this was a trial on whether I’ve made stupid tweets, I’d say I’m guilty,” he said.

Elon Musk explains why he completed the Twitter deal

Taking the stand, Musk said his lawyers advised him that fighting the case in the Delaware Court of Chancery would likely fail. “The lawyers said there was no choice,” Musk told jurors, explaining why he ultimately decided to close the deal.The dispute stemmed from Musk’s attempt to cancel the acquisition months after agreeing to buy Twitter, citing concerns about fake accounts and spam on the platform.

Investors claim Elon Musk manipulated Twitter stock

The current case focuses on claims by Twitter investors who say Musk misled markets during the takeover process.

Shareholders argue that Musk’s public comments — including tweets suggesting the deal was temporarily “on hold” — influenced trading activity and affected the company’s stock price.One investor, Brian Belgrave, told the court he sold thousands of Twitter shares in July 2022 after concluding Musk would abandon the acquisition. Musk later completed the deal at $54.20 per share, which Belgrave said resulted in financial losses for him.“I got cheated,” Belgrave told the court during testimony.

Elon Musk defends his tweets

While on the witness stand, Musk rejected accusations that he intentionally influenced the market.He said his tweets about Twitter reflected his personal opinions rather than attempts to manipulate stock prices.“People tend to read too much into things that I do,” Musk told the court.Legal battle that led to Elon Musk’s Twitter takeoverThe case is tied to the dramatic events surrounding Musk’s purchase of Twitter.

In April 2022, Musk agreed to acquire the company for $44 billion. Months later, he attempted to cancel the deal, which led Twitter to sue him in Delaware to force completion of the acquisition.According to Musk, several pre-trial rulings by the Delaware court’s chief judge, Kathaleen St. J. McCormick, favored the company, strengthening his lawyers’ view that fighting the lawsuit would likely fail.Musk eventually completed the purchase in October 2022.