Elon MuskCEO of Tesla and owner of Twitter, has been denounced for a series of tweets that he published in 2018 and that would have caused loss of up to US$12 billion in 10 days to investors of the company.
Among the messages that the executive wrote on his Twitter account, he indicated that he was considering “taking Tesla private at US$420” and that the financiers could sell their shares at that cost or continue with the conversion. This would have triggered speculation and an increase in the company’s price and, after it was known that it was false, there were heavy commercial losses.
Along these lines, the complainants indicate that Musk’s tweets represent a violation of securities laws because they had not signed any privatization plan nor were their bankers consulted.
For his part, Musk defended himself by saying that the “funding secured” tweet was “absolutely true.” In addition, he remarked that there was a commitment of billions from Saudi Arabia’s sovereign wealth fund to back the privatization plan.
Source: Larepublica
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