Citron Research founder Andrew Left has been convicted of securities fraud and faces more than 20 years in prison.

On June 2nd, Bloomberg reported that Andrew Left, founder of the renowned short-selling firm Citron Research, was convicted of manipulating stock prices through deceptive social media posts. Following a three-week trial in Los Angeles, a jury found Left guilty on 13 out of 17 charges, including one count of securities fraud. Prosecutors alleged that Left illegally influenced stock prices and profited over $20 million between 2018 and 2023 by publishing inflammatory tweets about numerous companies. Left declared in court that he would appeal, characterizing the verdict as an infringement on free speech and legitimate trading. He faces a potential prison sentence exceeding 20 years and is scheduled for sentencing on August 31st. This case has garnered significant attention within the short-selling community, with a Yale University professor suggesting that the verdict may have a deterrent effect on short sellers.