Closing Arguments Set in Twitter Trial Accusing Musk of Stock Manipulation

Closing arguments are scheduled Tuesday in a San Francisco civil trial involving Elon Musk. The case matches Musk against Twitter shareholders who say his conduct misled investors during the 2022 acquisition saga. Filmogaz.com | Published 17 March 2026.

Background of the dispute

The litigation began as a class-action filed shortly before Musk took control of Twitter. He assumed control in October 2022 and later rebranded the platform as X. The deal originally called for a $44 billion purchase at $54.20 per share.

Musk’s personal wealth has grown substantially. Estimates put his fortune near $839 billion during the proceedings.

Core allegations over user metrics

A central issue was the number of automated and fake accounts on the service. Twitter had long reported that roughly 5 percent of accounts were spam or bots in its SEC filings.

Musk and some analysts pushed back. They argued the true share could be far higher, with some estimates near 20 percent. Former Twitter CFO Ned Segal disputed that view on the witness stand, saying the figure was closer to 1 percent.

Company history and related disclosures

Twitter had faced earlier claims about its user metrics. In 2021 the company paid $809.5 million to settle allegations it overstated growth and monthly active users.

The platform also once restated results after discovering a 2017 error. That error related to including users from a third-party app in its counts.

Legal path to trial

After Musk sought to withdraw, Twitter sued in Delaware to enforce the original purchase agreement. Musk later reversed course and agreed to complete the acquisition on the previously agreed terms.

On Monday, lawyers met with the judge to review jury instructions. Judge Charles R. Breyer warned against letting preconceptions affect the jurors. He said an unpopular defendant still deserves a fair trial.

Closing phase and claims

Closing arguments will begin Tuesday in the San Francisco courtroom. The Twitter trial includes shareholders accusing Musk of actions they describe as deceptive. Some plaintiffs have framed those actions as attempts at stock manipulation that harmed investors.

Filmogaz.com will continue covering developments as the jury hears final argument and moves toward deliberation.