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Insights Tesla Tesla Elon Musk Tesla Motors Share price Lawsuit U.S. Securities and Exchange Commission Judge rules Musk’s ‘Tesla stock too high imo’ tweet troublesome, but not enough to sue It's apparently unprovable that Musk tweets negatively affect Tesla's share price, yet
Story by David Canellis 55 Shares Remember when Tesla shares tanked by 10% moments after its CEO Elon Musk tweeted: “Tesla stock price is too high imo”?
Turns out it was the “final straw” for a group of Tesla shareholders, who’ve used the fiasco as leverage in a potential lawsuit that seeks to stop the enigmatic billionaire from tweeting any information at all regarding the company moving forward.
According to AP, their lawyers have argued that Musk’s continued tweeting poses a direct threat to Tesla, and that his May 1 post breached conditions of a 2019 settlement with the Securities and Exchange Commission (SEC) — which demand any tweet which might affect the value of Tesla stock be reviewed by another person before they go live.
“No rational Tesla lawyer or director could have approved this tweet,” wrote the plaintiffs. “Musk clearly is unwilling to comply with the SEC settlements, and the board is equally unwilling or unable to require him to do so and constrain his tweeting.”...