17 votes

Tesla CEO Musk accused in lawsuit of defrauding shareholders

Posted by sublime_aenima
Tags: business, tesla, elon musk, stock short, fraud, privatization, legal, lawsuits, shareholders, ceo, author.jonathan stempel, source.reuters
https://www.reuters.com/article/us-tesla-musk-lawsuit/tesla-ceo-musk-accused-in-lawsuit-of-defrauding-shareholders-idUSKBN1KV2IQ

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Title
Lawsuits accuse Tesla's Musk of fraud over tweets, going-private...
Authors
Jonathan Stempel
Published
Aug 11 2018
Word count
421 words

4 comments

  1. [4]
    Neverland
    Link
    I am definitely not a lawyer, but... this seems like it will be a pretty simple case. Either “Funding Secured” was factually correct or it wasn’t. The SEC investigation should settle that.

    I am definitely not a lawyer, but... this seems like it will be a pretty simple case. Either “Funding Secured” was factually correct or it wasn’t. The SEC investigation should settle that.

    10 votes
    1. [3]
      Deimos
      Link Parent
      This article from Bloomberg today sure makes it sound like it's not true: Tesla Is Seeking a Wide Investor Pool for Its Take-Private Plan

      This article from Bloomberg today sure makes it sound like it's not true: Tesla Is Seeking a Wide Investor Pool for Its Take-Private Plan

      Since Musk first tweeted on Tuesday that he was considering taking Tesla private at $420 a share and that he had “funding secured,” he’s offered no evidence to back up the statement. People close to at least 16 financial institutions and technology firms, who spoke on the condition of anonymity, have said they weren’t aware of financing having been locked in before Musk’s tweet.

      7 votes
      1. [2]
        Neverland
        Link Parent
        Hmm, I wonder if those 16 institutions include SoftBank, Saudi sovereign wealth fund, or Norway’s sovereign wealth fund. There are trillions of dollars between those three. Edit: if Musk was not...

        Hmm, I wonder if those 16 institutions include SoftBank, Saudi sovereign wealth fund, or Norway’s sovereign wealth fund. There are trillions of dollars between those three.

        Edit: if Musk was not correct on that statement, then as much as I am a fan, I would be among the first to want him to leave Tesla.

        5 votes
        1. RapidEyeMovement
          Link Parent
          Softbank said they were not in talks with Tesla in a statement already

          Softbank said they were not in talks with Tesla in a statement already

          5 votes
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