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Written by TopGear.com
The USA"s Securities and Exchange Commission has filed a lawsuit against Elon Musk, alleging a tweet in which he claimed he"d secured funding for a buyout of Tesla at $420 per share was "false and misleading". The Commission says Musk sent the tweet even though he "allegedly knew that the potential transaction was uncertain and subject to numerous contingencies," causing "significant market disruption". It alleges the tweet, which Musk sent to his 22million followers on August 7th, "created the misleading impression that taking Tesla private was subject only to Mr Musk choosing to do so and a shareholder vote," when in fact "Musk had not even discussed, much less confirmed, key deal terms, including price, with any potential funding source."
Date written: 28 Sep 2018
More of this article on the Top gear website
ID: 13491
The USA"s Securities and Exchange Commission has filed a lawsuit against Elon Musk, alleging a tweet in which he claimed he"d secured funding for a buyout of Tesla at $420 per share was "false and misleading". The Commission says Musk sent the tweet even though he "allegedly knew that the potential transaction was uncertain and subject to numerous contingencies," causing "significant market disruption". It alleges the tweet, which Musk sent to his 22million followers on August 7th, "created the misleading impression that taking Tesla private was subject only to Mr Musk choosing to do so and a shareholder vote," when in fact "Musk had not even discussed, much less confirmed, key deal terms, including price, with any potential funding source."
Date written: 28 Sep 2018
More of this article on the Top gear website
ID: 13491
