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Tesla faces investor lawsuit over Musk’s tweets about 10% stock sale

San Francisco – Tesla hit by a lawsuit about the CEO By Elon Musk Social media posts including his Twitter poll about the stock sale dragged its stock price down.

Tesla investor David Wagner has called for access to internal documents to investigate whether Tesla and Musk violated an agreement with the US securities regulator and board members. their board of directors failed to comply with their fiduciary obligations.

In 2018, Musk settled a Securities and Exchange Commission lawsuit over his tweets about taking the company private, agreeing to pre-approval from the company’s lawyers. tweets with important information about the company.

Tesla stock, which has hovered near record highs, lost about a quarter of its value after Musk said on November 6 that he would sell 10% of his shares if Twitter users agreed. Since then, he has sold nearly $14 billion worth of stock to date.

The lawsuit, filed in the Delaware Court of Chancery on Thursday, seeks to obtain records and books related to his tweets, including documents to determine if the tweets sold stock. has been reviewed or approved in advance.

In March, another shareholder sued Musk and the board in March, accusing him of violating a 2018 settlement with the SEC and costing shareholders billions of dollars.

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