At that time, Elon Musk also paid a fine of $ 20 million and resigned as Chairman of Tesla.
New York:
A 2018 tweet posted by Elon Musk, in which he claimed to have secured funding to take Tesla private, was deemed “false and misleading” by the judge, according to documents obtained by investors. invested in suing his electric car company.
Shareholders have accusing Tesla of securities fraud because of their stock market losses After the August 7, 2018 tweet, the stock price fluctuated wildly for several days.
In a court filing late Friday, the plaintiffs asked the federal judge in charge of the case, Edward Chen, to order Musk to stop saying publicly that he “guaranteeed” funding to bring Tesla privately at $420 a share, as he claimed again on Thursday.
In the past, the billionaire businessman said at the time that he was in talks with Saudi Arabia’s sovereign wealth fund and that he was confident he would reach an agreement. But no deal has been announced.
According to the filing, Chen recently concluded under a non-public order that Musk’s claims were “false and misleading” and made “recklessly and with full awareness of the truth that he misrepresented in his tweets.”
The plaintiffs allege Musk engaged in “a high-profile publicity campaign to present a contradictory and misleading story about his August 7, 2018 tweets” – which could affect The final jurors have been appointed for the trial to take place later this year.
The Securities and Exchange Commission, the US market regulator, also accused him of fraud following the tweets.
Ultimately, he agreed to a settlement to settle the charges, which required Tesla’s attorneys to review any social media posts that contained information deemed “critical” to the company. shareholder.
He also paid a $20 million fine and resigned as Chairman of Tesla.
Musk, who unveiled a $43 billion Twitter acquisition bid, said Thursday he feels compelled to enter a deal with the SEC to save Tesla.
(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)
