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Elon Musk’s tweets about taking Tesla private were false, new court filing says

BlueTex

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This can't bode well for Musk in his bid for twitter...



In a court filing out late Friday, shareholders who are suing Tesla and CEO Elon Musk over alleged securities fraud said they won part of a critical ruling in their class-action lawsuit.

The shareholders are suing Tesla over money they lost after Musk tweeted in 2018 that he was considering taking his electric vehicle company private at $420 per share and said he had funding secured to do so.

Tesla’s stock trading initially halted, then shares were highly volatile for weeks after the tweets. Musk later said that he had been in discussions with Saudi Arabia’s sovereign wealth fund and felt confident that funding would come through at his proposed price. A deal never materialized.

The Securities and Exchange Commission investigated and charged Musk with civil securities fraud as a result of those tweets. Tesla and Musk struck a revised settlement agreement in 2019 over those charges, but Musk is trying to terminate that agreement now.

Damages from the shareholders’ class-action lawsuit could amount to billions of dollars that would be paid by Musk and Tesla to those who are members of the class
.

The shareholders’ attorneys said in the filing out Friday that Judge Edward M. Chen, who is presiding in this matter, had concluded that Musk acted with scienter — in other words, that he knowingly made false statements about having funding secured when he tweeted.

 
That's part of Musk's problem........he often engages his mouth before his brain but that is also part of his genius.
 
This can't bode well for Musk in his bid for twitter...



In a court filing out late Friday, shareholders who are suing Tesla and CEO Elon Musk over alleged securities fraud said they won part of a critical ruling in their class-action lawsuit.

The shareholders are suing Tesla over money they lost after Musk tweeted in 2018 that he was considering taking his electric vehicle company private at $420 per share and said he had funding secured to do so.

Tesla’s stock trading initially halted, then shares were highly volatile for weeks after the tweets. Musk later said that he had been in discussions with Saudi Arabia’s sovereign wealth fund and felt confident that funding would come through at his proposed price. A deal never materialized.

The Securities and Exchange Commission investigated and charged Musk with civil securities fraud as a result of those tweets. Tesla and Musk struck a revised settlement agreement in 2019 over those charges, but Musk is trying to terminate that agreement now.

Damages from the shareholders’ class-action lawsuit could amount to billions of dollars that would be paid by Musk and Tesla to those who are members of the class
.

The shareholders’ attorneys said in the filing out Friday that Judge Edward M. Chen, who is presiding in this matter, had concluded that Musk acted with scienter — in other words, that he knowingly made false statements about having funding secured when he tweeted.

Lawfare at its finest.

All I can say is that someone must feel VERY threatened by Musk's Twitter actions if they are going to revive this old stuff. I guess we'll see how successful this...and other legal sallies...work out.
 
Lawfare at its finest.

All I can say is that someone must feel VERY threatened by Musk's Twitter actions if they are going to revive this old stuff. I guess we'll see how successful this...and other legal sallies...work out.

The left seek to destroy anyone and everyone that doesn't carry their water.
 
That's part of Musk's problem........he often engages his mouth before his brain but that is also part of his genius.
Much like Trump... they are visionaries:geek:
 
Much like Trump... they are visionaries:geek:
Uh, nope. Trump is no visionary, he is an egotistical, self-serving @$$ who only cares about himself....but yes he does engage his mouth before his brain. The difference is Musk does engage his brain.
 
Uh, nope. Trump is no visionary, he is an egotistical, self-serving @$$ who only cares about himself....but yes he does engage his mouth before his brain. The difference is Musk does engage his brain.
I refuse to accept your response 😜
 
Lawfare at its finest.

All I can say is that someone must feel VERY threatened by Musk's Twitter actions if they are going to revive this old stuff. I guess we'll see how successful this...and other legal sallies...work out.

Revive old stuff? Good lord, that lawsuit has been ongoing for several years...
 
The left seek to destroy anyone and everyone that doesn't carry their water.

Liars and conmen, the rights favorite kind of people...
 
Lawfare at its finest.

All I can say is that someone must feel VERY threatened by Musk's Twitter actions if they are going to revive this old stuff. I guess we'll see how successful this...and other legal sallies...work out.
Old stuff? Do you not understand how the courts work?

He was also recently sued for another potential SEC violation. I would say he's starting to show a pattern.

It seems that the FRW is all for law and order as long as it's not applied to their side.

 
Revive old stuff? Good lord, that lawsuit has been ongoing for several years...
You didn't read the OP's article, did you?

This case was already resolved. What we have now amounts to a civil case brought on by some group of people who say they were damaged by Musk's tweets. This was filed last Friday.
 
Old stuff? Do you not understand how the courts work?

He was also recently sued for another potential SEC violation. I would say he's starting to show a pattern.

It seems that the FRW is all for law and order as long as it's not applied to their side.

This is a new lawsuit that was filed last Friday that is based on old stuff that was resolved years ago.
 
You didn't read the OP's article, did you?

This case was already resolved. What we have now amounts to a civil case brought on by some group of people who say they were damaged by Musk's tweets. This was filed last Friday.

I am the OP... I understand it can be hard to keep up this all the lawsuits for Musk's big mouth but this lawsuit has to do with TESLA not twitter....
 
Red flag for of those people who think Musk is trying to take over Twitter for the 'benefit of others'... Lol... Bump and dump... I'm sure the current Twitter stockholders read this story very carefully...

I'm not on Twitter so I don't care and don't have a dog in the Fight... But I have to laugh when everyday working people think these billionaires and millionaires are 'looking out for them'... They care about about themselves and their wealth... That's all.
 
This is a new lawsuit that was filed last Friday that is based on old stuff that was resolved years ago.

You need to read a little clearer.. This lawsuits is about taking TESLA private, not twitter...
 
Red flag for of those people who think Musk is trying to take over Twitter for the 'benefit of others'... Lol... Bump and dump... I'm sure the current Twitter stockholders read this story very carefully...

I'm not on Twitter so I don't care and don't have a dog in the Fight... But I have to laugh when everyday working people think these billionaires and millionaires are 'looking out for them'... They care about about themselves and their wealth... That's all.

The "everyday working people" who buy this bullshit are called marks or rubes... :ROFLMAO:
 
You need to read a little clearer.. This lawsuits is about taking TESLA private, not twitter...
I understand that.

That doesn't make my comment irrelevant.
 
I understand that.

That doesn't make my comment irrelevant.
Yes, "new" developments in the Tesla lawsuit make your comment about "old" news irrelevant. But, I suspect you realize that.
 
This is a new lawsuit that was filed last Friday that is based on old stuff that was resolved years ago.
You didn’t read the article did you? This is a new lawsuit that is based on new information that was uncovered recently.

You are dismissed.
 
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