New York The head of the American electric car manufacturer Tesla, Elon Musk, was sued by one of the shareholders, alleging that Musk violated the terms of the agreement with the American Securities and Exchange Commission (SEC) regarding his use of the Twitter communication network. Reuters reported on Friday.
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According to the lawsuit, Musk exposed investors to the threat of losses with his “unpredictable” tweets, such as a contribution from the beginning of last May, in which he described Tesla’s share price as “too high”. The shareholder is also suing the board of Tesla, which, according to him, did not check compliance with the agreement with the stock exchange commission.
The agreement was the result of a tweet from May 2018, in which Musk wrote that he was considering taking over Tesla and withdrawing its shares from public trading. The stock exchange commission then filed a lawsuit stating that the statement on Tesla’s takeover and delisting had no real basis, was untrue and misleading, led to chaos in the stock market and harmed investors.
Shortly afterwards, the commission agreed with Tesla and Musek to settle the charges. Tesla and Musk each had to pay $ 20 million. As part of the agreement, Musk also undertook not to post information on Twitter with a possible impact on the stock market unless he first obtained the consent of lawyers.
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According to the current lawsuit, Musk continues to publish tweets without such consent. The lawsuit demands that Musk and other Tesla executives pay compensation for non-compliance, Reuters reported.
Musk is currently the second richest man in the world after Amazon founder Jeff Bezos.
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