Elon Musk Sued for Fraud

Days after CEO Elon Musk tweeted that he had "funding secured" to take Tesla private, two investors filed a class-action lawsuit arguing that the tweets constituted securities fraud. Musk announced that he wanted to take the company private for $72 billion, valuing Tesla at $420 per share. The lawsuit claims the tweets were a false and misleading effort to decimate short sellers. The U.S. Securities and Exchange Commission has since said it would investigate Musk's tweets.


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