The lawsuit was filed on behalf of short seller Andrew Left and seeks class action status. After his tweet indicating otherwise, Musk announced the company will continue to be publicly traded after meeting with its board of directors. The Securities and Exchange Commission has subpoenaed Musk to discuss his initial tweet.
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Lawsuit Targets Musk’s Privatization Tweet
The law firm of Labaton Sucharow said it filed a lawsuit in U.S. federal court alleging Tesla head Elon Musk tried to “burn” people who sold the car company’s stock short by tweeting false information regarding funding needed to take the company private. So reports Phys.org.
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