Short selling is not outside the law; freedom of speech does not equal market manipulation. This ruling serves as a warning to short sellers.

Citron Research founder Andrew Left was convicted of manipulating stock prices through false social media posts. After a three-week trial in Los Angeles, the jury found 13 of 17 charges to be true, including securities fraud. Prosecutors stated that from 2018 to 2023, he posted explosive tweets about dozens of companies, illegally influencing stock prices and profiting over $20 million. Left said he will appeal, claiming the charges infringe on free speech and that he was innocent of trading; he faces over 20 years in prison, with sentencing on August 31. The case has drawn attention from the short-selling community, with Yale professors saying the verdict could lead to a chilling effect on short sellers.