Investing.com – Tesla’s privatization case (NASDAQ 🙂 continues unabated. It will be recalled that Elon Musk had announced his intention to remove Tesla from the stock market by buying it outright. The CEO then claimed to have all the necessary funding.
Sales in Tesla shares were first stopped after the announcement, then prices were very volatile for weeks following tweets. Musk then said he had been in talks with the wealth treasury of Saudi Arabia’s rulers and was confident that the funding would come at a given price. However, the plan did not work out.
However, shareholders stood firm and accused Musk. Shareholders who are suing Tesla and its CEO for stock fraud claims said they won part of the key decision in their class action case.
Because of this, the SEC investigated Musk and charged him with fraud. Tesla and Musk later reached a 2019 amendment agreement on the charges, but Musk is now trying to terminate the agreement. Damage from the shareholders’ action case could amount to billions of dollars that would have been paid by Musk and Tesla to those who are classmates.
Proponents of her case have been working to make the actual transcript of this statement available online.