Judge scraps Musk's attempt to toss Twitter fraud verdict
Source: Courthouse News Service
July 6, 2026
SAN FRANCISCO (CN) — A federal judge Monday rejected Elon Musk’s bid to sidestep a jury’s verdict finding the world’s first trillionaire defrauded Twitter investors in his $44 billion buyout of the social media platform in 2022.
U.S. District Judge Charles R. Breyer granted Musk’s motion for judgment as a matter of law as to statements he made on May 17, 2022, but denied the motion in all other respects. The Bill Clinton appointee also denied Musk’s motion to decertify the class and granted the plaintiffs’ motions for prejudgment interest, approval of their proposed class notice and claims administration procedure.
“Buyer’s remorse is not an exception to the securities laws. These laws, in their essence, are about trust. Trust that the country’s financial markets are fair, honest, and transparent. The market always picks winners and losers, but it is vital that those outcomes are free of manipulation,” Breyer wrote.
Investors, including lead plaintiffs Steve Garrett, Nancy Price, John Garrett and Brian Belgrave, sued Musk in October 2022 claiming they suffered major losses when Musk deliberately made misleading statements to drive down the company’s stock, in hopes of backing out of the deal or renegotiating more favorably for himself.
Read more: https://courthousenews.com/judge-scraps-musks-attempt-to-toss-twitter-fraud-verdict/
Link to ORDER (PDF) - https://www.courthousenews.com/wp-content/uploads/2026/07/pampena-v-musk-order-on-post-trial-motions.pdf