X in hot water over AI, lawsuits, and Musk-era shifts. Elon Musk: tech mogul, SpaceX/Tesla owner, now top dog at X.
Elon Musk testified in a San Francisco court over allegations he manipulated Twitter's stock price by making false statements about fake accounts and the deal's status. The lawsuit claims Musk's tweets aimed to drive down Twitter's value before completing his $44 billion acquisition in 2022.
On March 30, 2026, Delaware Chancellor Kathaleen McCormick recused herself from three Tesla shareholder lawsuits involving Elon Musk after his lawyers challenged her impartiality over LinkedIn activity. The lawsuits allege Musk breached fiduciary duties and violated an SEC settlement. McCormick denied bias but cited media attention as detrimental to justice and reassigned the cases to other judges.
The Elon Musk settlement with the U.S. Securities and Exchange Commission has been disclosed in federal court. A trust named after Musk will pay a $1.5 million civil penalty for late disclosure of a 2022 Twitter stake, while Musk’s personal claims are dismissed and no funds are recouped from him.