Investor sues Elon Musk
TESLA and Elon Musk were sued by an investor over wild share price swings following the chief executive officer’s August 7 tweet saying he was considering taking the company private. The complaint alleges violations of US securities law and was filed Friday as a class action in federal court in San Francisco. Musk set off a firestorm with the 53-character post on Twitter: “Am considering taking Tesla private at $420 (R5 892). Funding Secured.” The stock initially shot up 11 percent to almost $380. Then it fell back, losing about 7 percent over two days, as doubts mounted about the feasibility of the going-private idea – and about the chief executive officer’s declaration that funding was already in place. He hasn’t supplied evidence that it was; nor has anyone else.