Elon Musk ’s tweet have landed him in hot water with shareholders — again . This time , he and the Tesla board are star down a suit from one dissatisfied investor who claim some of the CEO ’s tweet violate a 2019 closure Musk had reached with the Securities and Exchange Commission meant to chasten his public missives about the company .
For those that might not recollect , back in 2018 the SECslappedElon Musk with a tidy set of fraud charges after the Tesla CEO tweeted that he was consider taking the company private if the stock price hit $ 420 per share . As the later lawsuit made clear , he hadno financing detailsto back up the bad tweet , prompting a colonization with the SEC that drain Musk and Tesla itself of $ 20 million . The resulting dealalso mandatedthat Musk abuse down as the company ’s chairman for at least three years , and that an autonomous citizens committee be assigned to normalize any of Musk ’s public “ communicating ” that might be relevant to shareholders — including bad tweet .
But as anyone who ’s follow Musk ’s Twitter feed can attest , those bad tweets have n’t gone anywhere . That ’s the theme of the latest suit ( which you may readhere ) , impose against Musk by Chase Gharrity , an investor who allege that the CEO ’s “ increasingly erratic ” behavior on Twitter has amounted to “ one thousand thousand of dollars of loss ” for him and his fellow Tesla shareowner . Tesla ’s instrument panel of directors are also named as defendants in the subject for failing to rule Musk in after the original SEC decision .
Photo: Drew Angerer (Getty Images)
It ’s worth note that not long after progress to the initial colonisation , the SEC v. Musk battlesparked up againafter Musk tweeted out Tesla ’s yield schedule for the yr , which led the commission toask a judgeto time lag Musk in contempt of court . Meanwhile , the bad tweets have only keep on . One of the classic call out in Gharrity ’s causa let in Musk ’s May 2020 “ Tesla stock price is too mellow imo”tweetthat led to Tesla sharestankingby about $ 13 billion .
We ’ve reached out to Tesla for comment on the case , and will update here when we hear back .
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