Elon Musk's tweet draws Tesla investor lawsuit over share price swing

Tesla's board might not know where Elon's 'secure' funding is coming from

Investor sues Elon Musk and Tesla over price swings following 'go private' tweet

An investor is suing Tesla and its founder over wild share price swings following Elon Musk's tweet claiming he was considering taking the company private.

One expert, Jill Fisch, a business law professor at the University of Pennsylvania Law School, said Chamberlain's and Issac's lawsuits will only be successful if they can prove Musk and Tesla did not actually seek or "secure" funding for the transaction. The board is said to be interested in that information, obviously, since funding must be secure if Elon's buyout, which could cost $70 billion, is to happen.

One lawsuit, filed by Tesla investor Kalman Isaacs, said Musk's tweets amounted to a "nuclear attack" on short-sellers, created to "completely decimate" them for not believing in Tesla's stock to date.

Trump calls Omarosa a 'low-life'; says Sessions is 'scared stiff'
The book alleges that Manigault Newman was offered $15,000 a month from the president's campaign coffers to stay silent after she was sacked from the White House last December.

Short-sellers borrow shares they believe are overpriced, sell them, and then repurchase shares later at what they hope will be a lower price to make a profit.

Tesla shares rose 13% after the Tesla announcement but the company's stock has since given up two-thirds of that gain.

The stock has since retreated, in part following reports that the U.S. Securities and Exchange Commission had begun inquiring about Musk's activity. Well, Tesla is now a publicly traded company and Mr. Musk doesn't like this because being public, as he puts it, "subjects us to the quarterly earnings cycle that puts enormous pressure on Tesla to make decisions that may be right for a given quarter, but not necessarily right for the long-term".

Turkey's president: US waging "economic war" against Turkey
Immediately give these to the banks and convert to Turkish lira and by doing this, we fight this war of independence and the future.

The Wall Street regulator is reported to have asked Tesla why plans to go private were disclosed on the social media platform rather than in an official filing.

One of the lawsuits, filed by shareholder Kalman Isaacs, seeks class action status on behalf of investors who bought Tesla stock on August 7 and August 8.

It had also caused Tesla securities buyers to pay inflated prices, he claimed.

Heavy security as Charlottesville anniversary weekend opens
Bowser said she recently spoke with an elderly Washington , D.C., resident who told her she was afraid. He added that the white nationalist protesters in Charlottesville included "some very fine people".

Tesla declined to comment to both Reuters and Roadshow.

Latest News