Musk Tweet Draws Tesla Investor Lawsuits Over Share Price Jump

12 Aug by Vitaliy Dadalyan

Musk Tweet Draws Tesla Investor Lawsuits Over Share Price Jump

Elon Musk and Tesla Inc. were sued by investors for manipulating share prices after the chief executive officer’s bombshell tweet that he was thinking about taking the company private and that he’d secured funding for the deal. Musk lied about funding so he could push shares higher and ambush short sellers betting against the company, according to one shareholder complaint, filed Friday as a securities-fraud class action in federal court in San Francisco. Another disgruntled Tesla investor who sued in the same court cited media reports noting more than a dozen banks and technology firms said they weren’t aware of funding being locked in before Musk’s tweet.

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Source:: https://finance.yahoo.com/news/musk-tweet-draws-tesla-investor-192744480.html

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