United Kingdom, March 23 -- Elon Musk has been found guilty of trying to lower X's value before acquiring the company.

The billionaire businessman bought the company for $44 billion back in 2022, but a California jury has now ruled that he deliberately tried to lower the value of the stock before completing the acquisition.

Mark Molumphy, a lawyer for the X investors who launched the legal action, said: "We are thrilled with the jury's decision today. We believe that it is the largest securities jury verdict in United States history. The jury sent a strong message that no one is above the law."

Aaron Arnzen, another lawyer for the investors, said during the trial: "[Musk] wanted a different deal. So he mounted a public spectacle to tra...