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Elon Musk misled investors during his Twitter takeover, jury finds

Posted on March 21, 2026 by faz_business

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.

It’s not yet clear how much Musk will owe in damages as a result of the case but, as the Associated Press reports, it could amount to billions of dollars. Jurors calculated that shareholders should get “between about $3 and $8 per stock per day.”

The class action lawsuit, one of several brought against Musk in the months following his takeover of the company, cited Musk’s tweets about fake accounts on the platform. Facing a sinking Tesla share price in the days after announcing he would buy Twitter for $54.20 a share, the suit said Musk made tweets and statements that were intentionally meant to drive down Twitter’s share price in an attempt to renegotiate or exit the deal.

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.

During the trial, Musk said the tweets were him “speaking his mind” and maintained that Twitter executives had “lied” about the number of bots on the platform, according to KQED. Former Twitter shareholders, on the other hand, said “they sold shares at deflated prices amid Musk’s public waffling.”

Musk faced several lawsuits during and after his $44 billion takeover of the company. That includes other shareholder lawsuits related to his delay in disclosing his stake in the company, as well as one from former executives related to unpaid severance benefits (Musk later settled those claims). He also narrowly avoided a trial over his attempts to back out of the deal.

Elon Musk’s X Appears to Be Violating US Sanctions by Selling Premium Accounts to Iranian Leaders

Posted on February 12, 2026 by faz_business

In recent weeks, Elon Musk has followed president Donald Trump’s lead, slamming Iranian government officials and supporting the thousands of protesters railing against the regime. He even provided free access to his Starlink satellites in the midst of a nationwide internet blackout.

But while publicly proclaiming his support of the protesters, Musk’s company X appears to be profiting from the very same government officials he railed against, potentially violating US sanctions in the process, according to a new report from the Tech Transparency Project (TTP) shared exclusively with WIRED.

TTP identified more than two dozen X accounts allegedly run by Iranian government officials, state agencies, and state-run news outlets which display a blue checkmark, indicating they have access to X’s premium service. These accounts were sharing state-sponsored propaganda at a time when ordinary Iranians had no access to the internet, and their messages appeared to be artificially boosted to increase reach and engagement, which is a key aspect of X’s premium service. An X Premium subscription, which is the only way to receive a blue checkmark, costs $8 a month, while a Premium+ subscription, which removes ads and boosts reach even further, costs $40 a month.

At a time when the Trump administration is threatening Iran with possible military action if it does not meet demands related to nuclear enrichment and ballistic missiles, X appears to be undermining those efforts by providing a social media bullhorn for the Iranian government to spread its message.

“The fact that Elon Musk is not just platforming these individuals, but taking their money to boost their content through these premium subscriptions and give them extra features also means he’s undermining the sanctions that the US and the Trump administration are actually applying,” Katie Paul, the director of the TTP, tells WIRED.

X did not respond to a request for comment, but within hours of WIRED flagging several X accounts belonging to Iranian officials, their blue checkmarks were removed. The rest of the accounts identified by TTP but not shared with X continue to display a blue checkmark.

The White House directed WIRED to the Treasury when asked for comment. A Treasury spokesperson said they do not comment on specific allegations but “we take allegations of sanctionable conduct extremely seriously.”

At the end of last year, protests broke out in the Iranian capital of Tehran on December 28 over the continuing devaluation of the Iranian rial against the dollar and a widespread economic crisis in the country. Over the following days, tens of thousands of protesters poured onto the streets in cities across the country, calling for regime change and the end of Supreme Leader Ayatollah Ali Khamenei’s 37-year reign.

In response, the regime brutally cracked down on protesters, arresting tens of thousands of people and killing thousands more. The true death toll is still unknown but could be much higher than currently reported.

Trump signaled his support for the protesters in a post on Truth Social on January 2, promising to come to their rescue. “We are locked and loaded and ready to go,” he wrote. Musk quickly followed Trump, calling Khamenei “delusional.”

On January 5, Gholamhossein Mohseni-Ejei, the head of Iran’s judiciary, who had a blue checkmark at the time, wrote in a post on X, “This time, we will show no mercy to the rioters.” Ejei was among the accounts whose blue checkmarks were removed on Wednesday after WIRED contacted the company.

A few days later, X changed the Iranian flag emoji on the platform to one used before the 1979 revolution, featuring a lion and sun. On January 14, Musk announced that anyone with a Starlink device would be free to access the internet in Iran without a subscription. At the time, Starlink devices were the only viable way of getting online after the government imposed a near total internet blackout.

How to delete your Twitter (or X) account

Posted on April 28, 2025 by faz_business

There are plenty of good reasons to delete your X account, whether it’s because of a general desire to not do anything to help Elon Musk, a distaste for the curdled culture of the platform or the allure of greener social pastures like Bluesky or Threads. Whatever your reason, the process of deleting your account is simple, and by design, pretty hands-off. In order to get rid of your X account, you’ll first have to deactivate it. Once you go 30 days without logging in, it will be permanently deleted.

How to deactivate your X account

The menu you have to head to in Twitter/X settings that lets you deactivate your account. — Ian Carlos Campbell for Engadget

Deactivating your X account makes your profile page, posts and associated username disappear, though posts you were tagged in before you shutdown in your account will still be viewable. Deactivating also makes it impossible for you to post or view your timeline, unless you reactivate. It’s one of the strongest ways to “take a break” from X, but also the only way you can get your account permanently deleted.

If you need any of your data before you deactivate and delete, you’ll want to make sure you initiate that process and receive your archive before you deactivate. X says it can’t send an archive from an account that’s been deactivated.

Open X.
Click on the More section in the sidebar menu.
Click on Settings and Privacy.
In the Your account section of Settings, click on Deactivate your account.
Read through X’s warnings and then click on Deactivate.
Enter your account password to confirm you want to deactivate, then click Deactivate.

Now just make sure that you don’t log in for 30 days, and your account will be permanently deleted. This won’t necessarily delete web search results that mention your X account or your posts, but it will eliminate records of you on X itself.

FAQs

How do you reactivate your account?

If you have a change of heart before your 30 days are up, it is possible to reactivate your account so you can use it again. To reactivate your account, head to X.com or the X app and login with your credentials. You’ll be asked if you want to reactive your account. Once you confirm that you do, you’ll be logged in and be able to post and view your timeline. X notes that some of your account features like followers and likes may take a while to fully restore.

Is all of your information actually deleted when your X account is deleted?

While deactivating your X account and letting it be deleted does remove all of the public-facing parts of your social media presence, X does keep some of your information to “ensure the safety and security of its platform and people using X.” The full list of data X collects and how it uses it is available in X’s data processing explainer, as far as you should be concerned, though, a deleted account is gone.

SEC lawsuit claims Musk gained over $150 million by delaying Twitter stake disclosure

Posted on January 15, 2025 by faz_business

After a more than two-year investigation, the Securities and Exchange Commission has sued Elon Musk over his delayed disclosure of the Twitter stock he amassed before announcing his intention to acquire the company in 2022.

In a court filing, the SEC says that Musk filed paperwork with the SEC disclosing his purchase of Twitter shares 11 days after an SEC-mandated deadline to do so. (Federal law, as the SEC notes in its statement, requires investors to publicly report when they have acquired a more than 5 percent stake in a company.) This delay, according to the regulator, allowed Musk to buy up even more Twitter stock at a time when other investors were unaware of his involvement with the company.

From the lawsuit:

During the period that Musk was required to publicly disclose his beneficial ownership but had failed to do so, he spent more than $500 million purchasing additional shares of Twitter common stock. Because Musk failed to timely disclose his beneficial ownership, he was able to make these purchases from the unsuspecting public at artificially low prices, which did not yet reflect the undisclosed material information of Musk’s beneficial ownership of more than five percent of Twitter common stock and investment purpose. In total, Musk underpaid Twitter investors by more than $150 million for his purchases of Twitter common stock during this period. Investors who sold Twitter common stock during this period did so at artificially low prices and thus suffered substantial economic harm.

The regulator has been investigating Musk for years, and has long been at odds with the owner of X. At one point, the SEC accused Musk of attempting to stall and use “gamesmanship” to delay its investigation into his investment in Twitter. Last month, Musk shared a copy of a letter addressed to SEC Chair Gary Gensler in which Musk’s lawyer, Alex Spiro, accused the regulator of “six years of harassment” targeting Musk. The letter indicated that Musk refused a settlement offer from the SEC related to its Twitter investigation.

Musk also faced a from other Twitter investors and an related to the delayed disclosure. However, as The New York Times , it’s unclear if the SEC’s latest action will amount to much, as Gensler is expected to step down following the inauguration of President Donald Trump.

X didn’t immediately respond to a request for comment. In a statement to The Times, Spiro called the SEC’s action a “a single-count ticky-tack complaint,” calling it “an admission by the S.E.C. that they cannot bring an actual case.”

Elon Musk’s pro-Trump critics claim they’re being censored on X

Posted on December 31, 2024 by faz_business

Conservatives critical of Elon Musk are accusing the platform he owns of censoring them, CNN reports.

Political activist Laura Loomer sparked an online debate within the Right about work visas known as H-1Bs, which Musk supports. Loomer now claims her account has been unverified and demonetized, accusing Musk of being a “free speech fraud.”

Meanwhile, another conservative activist, Charles C. Johnson, claims X banned his account because he “embarrassed” Musk by writing about his father’s alleged involvement with an emerald mine, something Musk has long denied. (Neither this nor Loomer’s accusations have been substantiated.)

Elon has long publicly supported free speech, posting that it’s “the bedrock of democracy.” But Musk has also been accused of silencing people on the platform, notably in 2022 when X temporarily suspended journalists covering the suspension of an account tracking his jet.

X didn’t immediately respond to a request for comment.

Top court orders ban on Elon Musk’s X in Brazil

Posted on August 31, 2024 by faz_business

A top court in Brazil ordered an immediate, country-wide suspension of the X platform on Friday after a months-long legal battle with Elon Musk’s social media company over content moderation, according to Bloomberg.

The court added that anyone using VPN to access the X platform would be subject to daily fines of 50,000 reais — $8,900 — though it’s not clear how it would enforce the decree.

Earlier this month, X closed its operations in Brazil in protest against court orders asking it to remove accounts that allegedly spread misinformation. At the time, the company said Brazilian Supreme Court Justice Alexandre de Moraes “threatened our legal representative in Brazil with arrest if we do not comply with his censorship orders.” Moraes warned X earlier this week that Brazil would ban the service if the company did not name a legal representative in the country.

“Soon, we expect Judge Alexandre de Moraes will order X to be shut down in Brazil, simply because we would not comply with his illegal orders to censor his political opponents,” said X’s global affairs team in a tweet Friday morning.

The platform says it will publish the Brazilian top court’s demands in the coming days and will not comply with its orders.

X is using Grok to publish AI-generated news summaries

Posted on May 4, 2024 by faz_business

X is using Grok to publish AI-generated summaries of news and other topics that trend on the platform. The feature, which is currently only available to premium subscribers, is called “Stories on X,” according to from the company’s engineering account.

According to X, Grok relies on users’ posts to generate the text snippets. Some seem to be more news-focused, while others are summaries of conversations happening on the platform itself. One user a screenshot that showed stories about Apple’s earnings report and aid to Ukraine, as well as one for “Musk, Experts Debate National Debt,” which was a summary of a “candid online discussion” between Musk and other “prominent figures” on X.

If any of this sounds familiar, it’s also remarkably similar to Moments, the longtime Twitter feature that curated authoritative tweets about important news and cultural moments on the platform. The feature, which was overseen by a team of human staffers, was killed

Like other generative AI tools, Grok’s summaries come with a disclaimer. “This story is a summary of posts on X and may evolve over time,” it says. “Grok can make mistakes, verify its outputs.” Grok, of course, doesn’t exactly have the best track record when it comes to accurately interpreting current events. It previously generated a suggesting that NBA player Klay Thompson went on a “vandalism spree” because it couldn’t understand what “throwing bricks” meant in the context of a basketball game.

X names its third head of safety in less than two years

Posted on April 2, 2024 by faz_business

X has named a new head of safety nearly a year after the last executive in the position resigned. The company said Tuesday that it had Kylie McRoberts to Head of Safety and hired Yale Cohen as Head of Brand Safety and Advertiser Solutions.

The two will have the unenviable task of leading X’s safety efforts, including its attempts to reassure advertisers that the platform doesn’t monetize or . The company said earlier this year it planned 100 new safety employees after much of its safety staff.

Head of safety has been a particularly fraught position since Elon Musk took over the company previously known as Twitter. Musk has previously clashed with his safety leads and McRoberts is the third person to hold the title in less than two years. Previously, Yoel Roth shortly after the disastrous rollout of Twitter Blue in 2022. Roth was replaced by Ella Irwin, who last year after Musk publicly criticized employees for enforcing policies around misgendering.

Not much is known about McRoberts, but she is apparently an existing member of X’s safety team (her X account is currently private and a appears to have been recently deleted). “During her time at X, she has led initiatives to increase transparency in our moderation practices through labels, improve security with passkeys, as well as building out our new Safety Center of Excellence in Austin,” X said in a statement.