Elon Musk misled investors during his Twitter takeover, jury finds

He could be liable for billions of dollars in damages.

A group of former Twitter investors have prevailed at a federal civil trial over Elon Musk's actions amid his $44 billion acquisition of the social platform in 2022.

A jury in San Francisco found Friday that tweets made by Musk about fake accounts on the platform had defrauded investors in the company.

The jury sided with Musk on other allegations in the case.

The suit called out Musk's May 13, 2022, tweet that claimed the Twitter deal was " temporarily on hold " due to the number of fake accounts and bots on the platform, as well as one a few days later that suggested fake accounts might account for more than 20 percent of users.

Twitter's stock dropped significantly following the May 13 tweet.