Tesla investor is suing Elon Musk over his tweets
Since 2019, certain conditions apply to Musk’s tweets. (Photo: dpa)
No time right now?
Elon Musk’s tweets drive stock prices. An investor fears that he is endangering the well-being of the company and is suing the Tesla boss.
Not only the US Securities and Exchange Commission has had enough of Elon Musk’s tweets. A Tesla investor fears for the well-being of the company and wants to put an end to the boss’s Twitter activities. Chase Gharrity has a in the State of Delaware Administrative Court Lawsuit filed against Elon Musk.
The lawsuit states that Musks is risking regulatory fines and penalties with his “unpredictable tweets” and thus falling stock prices.
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Board should control Musk
The lawsuit is also directed against the company’s board of directors. Gharrity accuses the board members of “repeated failures in the implementation and application of internal controls in relation to the supervision of Mr. Musk”.
After Musk tweeted about a possible privatization of Tesla in the summer of 2018, the US Securities and Exchange Commission investigated. Since then, Musk has had to adhere to certain regulations on issues related to finance and acquisitions.
Tweets about Dogecoin and Bitcoin under fire
With his recent tweets about Dogecoin and Bitcoin, Elon Musk had the stock market prices soaring – and again caught the attention of the SEC.
In the lawsuit, Gharrity Musk is now accusing the company of violating the requirements with several tweets over the past few weeks, thereby causing significant damage to the company.
