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Lawsuits accuse Elon Musk of fraud, proposal to make Tesla private

Musk's August 7 tweets helped push Tesla's stock price more than 13 per cent above the prior day's close

Tesla Going Private

Jonathan Stempel | Reuters 

Tesla and Chief Executive Elon Musk were sued twice on Friday by investors who said they fraudulently engineered a scheme to squeeze short-sellers, including through Musk’s proposal to take the electric car company private. The lawsuits were filed three days after Musk stunned investors by announcing on Twitter that he might take Tesla private in a record $72 billion transactions that valued the company at $420 per share, and that “funding” had been “secured”. In one of the lawsuits, the plaintiff Kalman Isaacs said Musk’s tweets were false and ...

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First Published: Sat, August 11 2018. 20:17 IST