Reuters Joe Skipper
An investor in the American “Tesla” company for electric cars has filed a lawsuit against the founder of the company, Elon Musk and its board of directors over Musk’s tweets on “Twitter”.
The complainant considered that Musk’s actions and the inability of the “Tesla” administration to ensure compliance with the demands of the US Securities and Exchange Commission caused great damage to the company and led to billions of dollars in loss.
The investor, Elon Musk, was accused of violating the terms of the agreement with the aforementioned authority, which was signed in 2018, and was posting tweets about the company’s work without prior coordination with the management.
Musk had previously faced prosecution over his tweets that led to fluctuations in the price of Tesla shares, which he owns the largest share of.
The US Securities and Exchange Commission imposed a fine of 20 million dollars on both Musk and Tesla in exchange for dropping the lawsuit and agreeing to coordinate the publication of sensitive information to shareholders on social media with the authority.
Source: Bloomberg
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