Elon Musk sued by investor over his 10 percent Tesla stock sale tweet

Tesla faced a lawsuit over CEO Elon Musk’s social media posts, including his Twitter poll on stock sales, that dragged down its stock prices. Tesla Investor David Wagner asked for access to internal documents to investigate whether Tesla and Musk violated an agreement with the US securities regulator and that its board members failed to perform their fiduciary duties.

In 2018, musk A lawsuit was settled by the Securities and Exchange Commission over his tweets taking the company private, with the company’s attorneys agreeing to pre-approved tweets with physical information about the company. Tesla shares, which had hovered near record-highs, slashed their value by nearly a quarter after Musk said on November 6 that he would sell 10 percent of his stake if Twitter users agreed. It has sold shares worth about $14 billion so far.

The lawsuit, filed with the Delaware Court of Chancery on Thursday, seeks to obtain records and books relating to his tweets, including documents to identify whether the stock sale tweets were reviewed or pre-approved in advance. Was.