Tesla's board might not know where Elon's 'secure' funding is coming from

Tesla's board might not know where Elon's 'secure' funding is coming from

Tesla Inc and Chief Executive Elon Musk were sued on Friday by an investor who said they committed securities fraud in a scheme to "completely decimate" short-sellers that included Musk's proposal to take the electric auto company private. "Funding Secured." The stock initially shot up 11 per cent to nearly US$380.

One lawsuit, filed by Tesla investor Kalman Isaacs, said Musk's tweets amounted to a "nuclear attack" on short-sellers, created to "completely decimate" them for not believing in Tesla's stock to date.

The complaint alleges violations of American securities law and was filed on Friday as a class action in federal court in San Francisco.

The two separate cases have been filed in a court in the Northern District of California, which is not far from where Tesla is located, Palo Alto.

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Such investors have always been an irritant for Musk, who has sometimes used Twitter to criticize them. The share price later fell. But in the days since, it has lost most of those gains, reacting, at least in part, to reports from Bloomberg and the Wall Street Journal that the federal Securities and Exchange Commission is investigating Musk's claim. "Because Musk has not secured financing, and has issued false and materially misleading information into the market, short sellers of Tesla stock were forced to cover their positions by purchasing shares at artificially inflated prices after 12:48pm on August 7, 2018".

No evidence has been presented by either side to prove or disprove that funding had been secured to take the company private.

Tesla's market value exceeds $60 billion (around Rs. 4.14 lakh crores), and its shares closed Friday up $3.04 (approximately Rs. 210) at $355.49 (roughly Rs. 24,600).

One of the lawsuits, filed by shareholderKalman Isaacs, seeks class action status on behalf of investors who bought Tesla stock on August 7 and August 8.

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