Investor sues company over Elon Musk’s tweet about selling stake in Tesla


A legal case has been filed against the company over posts on social media, including a poll on Twitter, about the sale of a stake in American electric car maker Tesla’s CEO, Elon Musk. As reported by Reuters, Tesla investor David Wagner has sought access to the company’s documents to investigate whether Tesla and Musk violated agreements with the US securities regulator and whether the company’s board members were under their statutory authority. Failed to fulfill responsibilities.

Earlier, Musk settled a legal case filed by the Securities and Exchange Commission (SEC) in 2018 over a tweet about making the company private. In this, he agreed to get approval from the company’s lawyers for it before tweeting any important information about Tesla. Tesla’s stock recently hit a record high. Musk said on November 6 that he would sell 10 percent of his stake in the company if users on Twitter agreed. After this, Tesla’s stock price had fallen by about a quarter. Musk has since sold shares worth about $ 14 billion (about Rs 1,06,800 crore).

In this case filed in Delaware Court, a demand has been made to give records related to Musk’s tweets. These also include documents related to pre-approval of tweets related to the sale of shares. In March, another shareholders filed a case against Musk and the company’s board. It was accused of violating the agreement reached with the SEC and causing huge losses to shareholders.

Tesla’s growth this year has been much higher than other global brands. Its brand value has increased significantly to reach $36.27 billion. Tesla has entered the world’s 20 most valuable brands for the first time. Along with this, the wealth of the company’s CEO, Elon Musk has also increased rapidly. The brand value of Tesla has increased by 184 percent this year. This growth is more than all the global brands. Tesla’s business has grown tremendously over the past decade and has carved a niche for itself as an influential global brand. Tesla is the only brand to achieve three-digit growth this year. In second place is Sephora, which has a growth of only 37 percent. Tesla’s car sales are competing with other global automobile companies in some countries like the US and China.

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