Lawsuits accuse Tesla’s Musk of fraud over tweets, going-private proposal

  • Auto
  • Saturday, 11 Aug 2018

NEW YORK: Tesla Inc and Chief Executive Elon Musk were sued twice on Friday by investors who said they fraudulently engineered a scheme to squeeze short-sellers, including through Musk’s proposal to take the electric car company private.

The lawsuits were filed three days after Musk stunned investors by announcing on Twitter that he might take Tesla private in a record US$72bil transaction that valued the company at US$420 per share, and that ”funding” had been “secured.”

Auto , Automotive , Corporate News