financetom
Business
financetom
/
Business
/
Tesla faces investor lawsuit over Musk tweets on 10% stock sales
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Tesla faces investor lawsuit over Musk tweets on 10% stock sales
Dec 18, 2021 4:47 AM

Tesla Inc was hit by a lawsuit over CEO Elon Musk's social media posts including his Twitter poll on stock sales that pulled down its stock prices.

Share Market Live

NSE

Tesla investor David Wagner called for access to internal documents to investigate whether Tesla and Musk violated an agreement with the US securities regulator and its board members failed to adhere to their fiduciary duties.

In 2018, Musk settled a lawsuit by the Securities and Exchange Commission over his tweet on taking the company private, agreeing to have the company’s lawyers pre-approve tweets with material information about the company.

Tesla shares, which had hovered near record-highs, lost their value by about a quarter after Musk said on Nov. 6 he would sell 10 percent of his stake if Twitter users agreed. He has since sold nearly $14 billion worth of shares so far.

The lawsuit, filed with the Delaware Court of Chancery on Thursday, seeks to obtain records and books related to his tweets, including documents to identify whether the stock sales tweets were reviewed or pre-approved in advance.

In March, another shareholder sued Musk and its board in March, accusing him of violating his 2018 settlement with the SEC and exposing shareholders to billions of dollars of losses.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Nvidia overtakes Apple as No. 2 most valuable company
Nvidia overtakes Apple as No. 2 most valuable company
Jun 6, 2024
(This June 5 story has been corrected to show Nvidia's ( NVDA ) market cap gain was nearly $150 billion, not $150 million, in paragraph 10) By Noel Randewich (Reuters) - Nvidia's ( NVDA ) rallied to record highs on Wednesday, with the artificial intelligence chipmaker's valuation breaching the $3 trillion mark and overtaking Apple ( AAPL ) to become...
Canopy Growth Stock Is Falling Thursday: What's Going On?
Canopy Growth Stock Is Falling Thursday: What's Going On?
Jun 6, 2024
Canopy Growth Corp ( CGC ) shares are trading lower Thursday after the company announced a new at-the-market equity offering program. What Happened: Canopy Growth ( CGC ) has established an at-the-market equity program that allows the company to issue and sell up to $250 million worth of its common stock from time to time in concurrent public offerings in the United...
Why Maplebear (Instacart) Stock Is Trading Higher
Why Maplebear (Instacart) Stock Is Trading Higher
Jun 6, 2024
Maplebear ( CART ) shares are trading higher by 8.2% to $33.50 during Thursday’s session after the company approved a $500 million share repurchase program. This follows the completion of a previous $1 billion repurchase program that bought back approximately 34 million shares. The new program has no expiration date, and repurchases can be made through open market or privately negotiated transactions,...
NTSB wants new training for controllers after near disaster
NTSB wants new training for controllers after near disaster
Jun 6, 2024
WASHINGTON, June 6 (Reuters) - The National Transportation Safety Board wants new training for air traffic controllers after the February 2023 near-collision between a FedEx ( FDX ) plane and a Southwest Airlines ( LUV ) jet in Austin, Texas. The two planes came within about 170 feet of each other when the FedEx Boeing 767 was forced to fly...
Copyright 2023-2025 - www.financetom.com All Rights Reserved