2023-08-26 20:13:43
Tesla and its famous billionaire manager, Elon Musk, are heading to pay compensation of more than $40 million to a number of investors because of a tweet that Musk posted on the Twitter platform in 2018, as a result of which he was accused of fraud, according to the “Twitter” website.Market watch“.
The lawsuit accused Musk of defrauding investors through a tweet in which he said in August 2018 that he was ready to offer Tesla shares on an initial public offering of $ 420 per share, and that the deal was imminent.
After that, the initial subscription deal for “Tesla” did not happen, and thousands of investors filed complaints about losses estimated at billions of dollars, as it was stated in a complaint to the Securities and Exchange Commission at the time, that “Mask’s false and misleading public statements caused great confusion in the market and harmed investors.”
Some estimated the damages to be more than that, as Michael Hartzmark, of the Department of Forensic Economics, a witness testifying in a separate class trial regarding Musk’s liability for losses, said that “Tesla investors lost $ 12 billion over 10 days due to the secured financing tweet.”
It is noteworthy that the price of “Tesla” shares has increased so far by 886% since then, and Musk’s wealth has reached $ 215 billion, and he is at the top of the “Bloomberg” list of the world’s richest people now.
Musk and company agreed to $40 million in civil penalties plus interest, and a so-called “fair fund” was set up in an interest-bearing account at the US Treasury’s Office of Financial Services.
The Securities and Exchange Commission estimated investor losses at $80 million, according to Fortune and Bloomberg.
In another matter, Musk announced his intention to initiate legal proceedings against the non-governmental “Open Society” Foundation, which is supported by George Soros, while pledging a firm commitment to protecting freedom of expression in the digital field.
This step comes as part of Musk’s efforts. To combat what he sees as a growing crackdown on freedom of expression, especially on online platforms.
He affirmed his “unwavering commitment to protecting freedom of expression,” indicating his willingness to explore possible and available means to ensure the preservation of the principles of open dialogue.
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