A California jury has ruled that Elon Musk is responsible for Twitter investors’ stock plummeting when he sought to buy the social media platform for $44bn in 2022. Jurors handed the win to a group of investors who sued the billionaire saying he publicly disparaged the company with the aim of bringing down Twitter’s stock price to get a better bargain.

The trial, which began earlier this month in federal court in San Francisco, focused on whether Musk intended to move the market with his comments. During a six-month period in 2022, after his offer to buy Twitter, he posted constantly to his millions of followers that the social network was rife with bots that produced spam and created fake accounts.

Musk did eventually buy Twitter for $54.20 a share, his original offer, totaling around $44bn. He later changed the name of the company to X.

The verdict is an unusual loss for Musk, who repeatedly denied any wrongdoing. Throughout the trial, his lawyers maintained he was voicing legitimate concerns and had no intention to manipulate the stock price. Musk testified during trial that he didn’t realize his attacks on the company would lower the company’s stock price or hurt its investors.

Jurors, who spent three days deliberating, saw it differently. The jury calculated how much Musk’s statements brought down Twitter’s stock price for every trading day over the time period in question. The exact amount Musk will be ordered to pay to the investors, which could amount to billions of dollars, is yet to be decided. The billionaire’s current net worth is $661bn.

Two of the four fraud claims brought in the suit were confirmed by the jury, two were rejected. Jurors also found that Musk did not engage in a “scheme to defraud Twitter investors”.

“The jury clearly took a nuanced view, which tells you these cases are incredibly fact-specific,” said Monte Mann, a lawyer for Armstrong Teasdale, who’s been watching the case and is not involved in the litigation. “Not every market-moving statement creates liability–but context, timing, and intent can tip the balance.”

In a written statement, Musk’s legal team called the verdict “a bump in the road” and said they “look forward to vindication on appeal”, citing recent appeals he’s won in other suits.

During the six months under scrutiny, roughly from April to October 2022, the investors alleged Musk agreed to buy Twitter but then waffled for months, attacking the company. At one point, in May 2022, he indicated he was backing out of the purchase with a tweet that said the buyout was “temporarily on hold”.

Twitter’s shares dropped precipitously over the next 24 hours, at times falling by 20%. The stock continued to be unstable for months. Investors involved in the lawsuit say they sold their shares at prices below $54.20 when they thought Musk’s buyout offer was dissolving.

During trial, Aaron Arnzen, a lawyer for the investors, maintained that Musk knew exactly what he was doing. “He wanted a different deal,” Arnzen said. “So he mounted a public spectacle to trash the company, to drive the stock price down, to renegotiate or escape the deal.”

Lawyers for the investors didn’t immediately return request for comment.