Shares of Tesla and Twitter have tumbled this week
FILE - Tesla CEO Elon Musk attends the opening of the Tesla factory Berlin Brandenburg in Gruenheide, Germany, Tuesday, March 22, 2022. as investors deal with the fallout and potential legal issues surrounding Tesla CEO Musk and his $44 billion bid to buy the social media platform. Of the two, Musk's electric vehicle company has fared worse, with its stock down almost 16% so far this week to $728.
The Wall Street Journal reported Wednesday that U.S. securities regulators are investigating Musk's tardy disclosure that he had bought more than 5% of Twitter shares. Musk now owns more than 9% of the San Francisco company.lawsuit filed last month by some Twitter shareholders The ruling means that jurors in a shareholder lawsuit will start off knowing that the judge has ruled that Musk's tweets were false.At the time of the Aug. 7, 2018 tweets, Musk was in talks with the Saudi Public Investment Fund about bankrolling the deal. But Judge Edward Chen determined that it wasn't final when Musk tweeted:"Am considering taking Tesla private at $420. Funding secured.
Musk's lawyers have asked Chen to reconsider, contending that they aren't aware of cases in which a court has taken similar issues out of a jury's hands “where the statements were at best ambiguous and were issued in the word-constrained and informal context of posts on Twitter.”The August 2018, tweets already have landed Musk in legal trouble. The SEC brought a securities fraud charge,.
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