Tesla CEO Musk accused of defrauding shareholders, sued by investors
Tesla CEO Musk accused of defrauding shareholders, sued by investors
CNBC reports Musk has been asked to recuse himself from discussions about the company going private
13 August, 2018, 20:43
Two new lawsuits accuse Tesla and its CEO Elon Musk of violating federal securities law by allegedly making false statements to boost the company's stock price.
The US Securities and Exchange Commission (SEC) regulator contacted Tesla to inquire whether Musk's statements were factual and why the disclosure was made on Twitter rather than in a regulatory filing, according to media reports. "Funding Secured." The stock initially shot up 11 per cent to nearly $380.
Well, Tesla is now a publicly traded company and Mr. Musk doesn't like this because being public, as he puts it, "subjects us to the quarterly earnings cycle that puts enormous pressure on Tesla to make decisions that may be right for a given quarter, but not necessarily right for the long-term". The main accusation against both is that they perpetrated a fraud on the shareholders of Tesla by misleading that the company is being turned into a privately held company.
The Public Investment Fund sees its investment in Tesla as a strategic way for the world's biggest crude producer to hedge against oil, the person said. "Obviously, all purchasers of Tesla securities were injured as well".
A Tesla sales and service center is shown in Costa Mesa, California, U.S. June 28, 2018.
Tesla shares rose 13% after the Tesla announcement but the company's stock has since given up two-thirds of that gain. After adjusting for inflation, that's more than the record-setting buyout of RJR Nabisco that closed in 1989. "It looks like the large short sellers are holding onto their positions", and increasing the positions at the stock's higher level, he said. Year-to-date, Tesla short interest is now up 14 percent overall.
But just because Musk may not be in legal trouble doesn't mean the market is buying his claims. Tesla is the most shorted company on Wall Street, and Musk has been very vocal about his displeasure with short sellers.
In a letter to employees on Tuesday, Musk suggested a choice for shareholders of selling their shares for $420 each or remaining investors in a private Tesla. He also said he had secured funding for the proposal, without providing details.
The case is Isaacs v Musk et al, U.S. District Court, Northern District of California, No. 18-04865.
Page, who served as an FBI lawyer and close adviser to former FBI Deputy Director Andrew McCabe, resigned from the bureau in May. Trump and his supporters, however, argued the texts were evidence of a "deep state" conspiracy to undermine Trump's presidency.
State Department spokeswoman, said Tuesday the U.S.is urging Canada and Saudi Arabia to use diplomacy to resolve their dispute. Following Freeland's tweet , Saudi Arabia expelled Canada's ambassador to the country.
Wallace moved up the leaderboard thanks to a hole in one on the par-three 16th, describing it as the "best shot of my life". He also got robbed on No. 11 after leaving a birdie putt hanging on the edge of the cup.
"For me, he's [Guardiola] the best manager in the world and the trust he has had in me has brought me on so much". Here is how you can catch all the action of this first big Premier League match of the season.
Her brother and manager Cecil died from lung cancer in 1989, one year after her sister Carolyn passed away from breast cancer. Franklin, who was diagnosed with cancer in 2010, last performed in November 2017 for the Elton John AIDS Foundation in NY .
He was speaking to reporters outside the Parliament ahead of the inaugural session of the 15th National Assembly. This means that the total strength of the house will be reduced from 342 to 336 after the seats are vacated.
But, their reported £22.3 million bid was quickly knocked back by Die Roten , who were looking for double the amount. There are reports that there are negotiations going on behind the scenes between Boateng's management and PSG.
Adam Austen, a spokesman for 's foreign minister, added: "We're glad and the USA continue to work out their bilateral issues". Trump's tweets referenced efforts to renegotiate the terms of the North American Free trade Agreement , or NAFTA.
She says it proves stories that she had to be dragged out of The White House during that XMAS party in December, 2017 were false. The white supremacist movement is enjoying a greater sense of empowerment under President Donald Trump , he added.
A ideal example was the vintage putter raise as a birdie on No. 13 fell into the hole to bring him within one stroke of the lead. Another birdie for Tiger! "It just feels like the club is jumping out of the bag, whatever one that is on the right hole".
The Merseyside outfit will kick off their Premier League campaign with a home clash against West Ham United on Sunday afternoon. When you lose 4-0 you can not have excuses. "If I am asked one day and I am available then I would think about it", he said.
Meghan Markle’s mum Doria Ragland is ‘moving to the UK’
Mr Markle said he told Harry: 'Maybe it would be better for you guys if I was dead... then you could pretend to be sad'. Former lighting director Mr Markle, 74, said he did not expect to "see her or hear back from her", adding: "That's OK".
Idris Elba keeps James Bond fans guessing
The actor posted a filtered selfie - only featuring the top part of his face - with the words "my name's Elba, Idris Elba ". That, coupled with director Antoine Fuqua's recent interview in The Daily Star , seemed like proof to fans.
Twitter explodes as England crushed India
England are now two up with three Tests to play - the third begins on 18th August and at Trent Bridge in Nottingham. England captain Joe Root said. "The conditions were in our favour but you still have to ask questions and we did".
Turkish crisis weakens shekel against dollar
Albayrak described the Lira's weakness as "an attack", echoing President Erdogan, who is his father-in-law. In early Asian trading Monday, the lira fell to a record low of 7.06 against the dollar.
Omarosa Manigault Newman Releases Firing Tape
Conway also pushed back against allegations by former White House adviser Omarosa Manigault Newman that Trump used the N-word. Manigault Newman by saying she was releasing the audio and accusing the president in her book just for money.
Where to see the last partial solar eclipse of 2018
In case of a total lunar eclipse , Earth comes between the Sun and Moon's path, and blocks sunlight from reaching the satellite. On 11 August 2018, the World will witness the partial solar eclipse or Surya Grahan but it will not be visible in India.
Last-minute technical problem delays NASA’s flight to sun
Rocket maker United Launch Alliance said it would try again Sunday, provided the helium-pressure issue can be resolved quickly. According to NASA, the forecast shows a 60 percent chance of favourable weather conditions for launch.
Ronaldo admitted to a hospital in Ibiza for pneumonia
According to reports , Ronaldo , who was on holiday in Ibiza , remains in intensive care and but has been "evolving favourably". It quoted hospital sources as stating that Ronaldo was still in intensive care but that he was making good progress.