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Join the Securities Litigation and Enforcement Group on LinkedInU.S. judge says Musk recklessly tweeted that ‘funding secured’ for taking Tesla private | Reuters
A U.S. judge has determined that Elon Musk’s 2018 tweets that funding had been secured to take electric car maker Tesla private was inaccurate and reckless, saying “there was nothing concrete” about financing from Saudi Arabia’s sovereign wealth fund at that time. San Francisco-based U.S. District Judge Edward Chen’s pre-trial decision represented a major victory […]
Musk’s “Take Private” Tweets Held Actionable | The D&O Diary
In a now infamous August 7, 2018 post on his Twitter account, Tesla CEO Elon Musk stated that he was “considering taking Tesla private at $420. Funding secured.” This post and several subsequent messages ultimately were the subject of an SEC enforcement proceeding (later settled) as well as several securities class action lawsuits (later consolidated). […]