Tesla CEO Musk taunts short sellers amid legal scrutiny

Tesla CEO Musk taunts short sellers amid legal scrutiny

Tesla CEO Musk taunts short sellers amid legal scrutiny

Tesla Inc. (TSLA.O) 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.

Musk announced on Twitter earlier this week that he was considering taking the electric carmaker private at a share price of $420 (£328.86) and total market value of $72bn, adding that he had already secured the necessary funding. "Funding Secured", he wrote.

He then answered a number of questions from some of his 22.3 million followers, reiterating these points.

The proposed class period in Isaacs' lawsuit runs from the afternoon of Aug. 7 through the next day, and in Chamberlain's lawsuit runs from Aug. 7 to Aug. 10.

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The complaint alleges violations of US securities law and was filed Friday as a class action in federal court in San Francisco.

No evidence has been presented by either side to prove or disprove that funding had been secured to take the company private.

The stock has since given back more than two-thirds of that gain, in part following reports that the U.S. Securities and Exchange Commission had begun inquiring about Musk's activity.

On Friday, two lawsuits were filed accusing Musk of seeking to harm short sellers by artificially running up the price of the company's shares through his Tuesday tweets.

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The Wall Street regulator is reported to have asked Tesla why plans to go private were disclosed on the social media platform rather than in an official filing.

According to the complaint, Isaacs bought 3,000 Tesla shares on August 8 to cover his short position, or bet that the price would decline, in the company.

It had also caused Tesla securities buyers to pay inflated prices, he claimed.

Elon Musk - the founder, CEO, and lead designer at SpaceX, and the co-founder of Tesla - speaks at the International Space Station Research and Development Conference in Washington, US, July 19, 2017.

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