Elon Musk Got 1.4 Million Dollars Richer Because Of A Tweet

Elon Musk Got 1.4 Million Dollars Richer Because Of A Tweet

The complaint alleges violations of American securities law and was filed on Friday as a class action in federal court in San Francisco. Then it fell back, losing about 7 per cent over two days, as doubts mounted about the feasibility of the going-private idea - and about Musk's declaration that funding was already in place.

"Musk's statement that he had secured funding was especially material andsignificantly moved the market, ;" shareholder Kalman Isaacs said in the complaint.

The complaint filed by Kalman Isaacs said Musk's alleged false and misleading tweets on August 7 about a possible going-private transaction, and Tesla's failure to correct them, were a "nuclear attack" on short-sellers that inflated Tesla's stock price and violated federal securities laws.

But Isaacs said Tesla's and Musk's conduct caused the volatility that cost short-sellers hundreds of millions of dollars from having to cover their short positions, and caused all Tesla securities purchasers to pay inflated prices.

In one of the lawsuits, the plaintiff Kalman Isaacs said Musk's tweets were false and misleading, and together with Tesla's failure to correct them amounted to a "nuclear attack" created to "completely decimate" short-sellers.

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The Public Investment Fund sees its investment in Tesla as a strategic way for the world's biggest crude producer to hedge against oil, the person said. "Am considering taking Tesla private at $420".

Discussions began before the controversial 7 August tweet by Musk, who is Tesla's co-founder and chief executive officer, saying he was weighing a plan to take the company private. After adjusting for inflation, that's more than the record-setting buyout of RJR Nabisco that closed in 1989.

The worst affected segment appears to be the short-sellers in the market who sell high and do the repurchase later. Tesla is the most shorted company on Wall Street, and Musk has been very vocal about his displeasure with short sellers.

Musk had raised the go-private possibility with the board last week, according to a statement from six of Tesla's nine directors. And he only owns 20 percent of the company! They said he had "addressed the funding for this to occur", without providing details.

The cases are Isaacs v Musk et al, U.S. District Court, Northern District of California, No. 18-04865; and Chamberlain v Tesla Inc et al in the same court, No. 18-04876.

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