21 April 2021
Case that shocked Elon Musk: SEC violated agreement

Case that shocked Elon Musk: SEC violated agreement


Elon Musk claims himself for his use of Twitter. U.S. Securities and Exchange Commission he did with 2018 He was sued by a shareholder accusing him of violating his agreement. For the lawsuit he filed against Tesla investor Elon Musk, ‘irregular’ citing his tweets in violation of the SEC agreement.

Late Thursday Delaware Chancery CourtAccording to an unsealed complaint calling the electric car company’s board of directors the defendant, Musk’s “irregular” tweets and Tesla executives SEC Their failure to comply with their deal cost shareholders billions of dollars in losses.

Done workin complaint, the past 1 MayTesla’s share price in “Very high” is and Teslaat the market value of 13 billion Several Musk posts on the social media platform Twitter were highlighted, including his assessment, which led to more than $ 1 drop.

Davacı chase gharrityOf Musk’s actions and rulers’ inaction To “significant financial loss” why and California based Tesla, Palo AltoHe told them that they had to pay compensation for violating their trust duties.

The case is that of Musk “Very high” Tesla’s share price has increased almost five times since his tweet and Tesla 600 billion At the same time, a value above $ SECdespite not publicly accusing Musk of violations.

Charles Elson, University of Delaware professor and corporate governance expert, “This could force the SEC to make some kind of application” said.


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