Musk’s tweets on stock sales land Tesla in court

Electric automobile maker Tesla is facing a lawsuit over CEO Elon Musk’s Twitter posts, which dragged down the company’s stock costs.

Tesla investor David Wagner filed a lawsuit with the Delaware Court of Chancery on Thursday, calling for access to Tesla’s inner documents touching on to Musk’s tweets that demonstrate the company.

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Most particularly, the investor wants access to files on Musk’s November 6 poll in which he requested his followers whether or no longer he would possibly maybe maybe maybe restful promote 10% of his Tesla stock.

In 2018, Musk settled a lawsuit by the US Securities and Alternate Commission over a tweet on the likelihood of making Tesla inner most. After that tweet, the company’s allotment designate plunged. Within the settlement, Musk pledged to have the company’s legal professionals pre-approve his tweets linked to Tesla. The brand new lawsuit seeks to search out out whether or no longer Musk abided by this agreement alongside with his most most up-to-date tweets.

Wagner’s lawsuit became as soon as sparked by the drop in Tesla’s stock designate that adopted Musk’s Twitter poll, in which the majority of his followers voted ‘yes’ to promoting his stocks. Tesla shares have lost almost about one-fourth of their designate since then, while Musk has been sticking to the poll outcomes and has supplied almost about $14 billion price of shares to this point.

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