Elon Musk accused of making false statements - KVOA | KVOA.com | Tucson, Arizona

Elon Musk

Elon Musk

Tesla Inc. (TSLA.O) and Elon Musk were sued by an investor over wild share price swings following the chief executive officer's August 7 tweet saying he was considering taking the company private.

Tesla was hit with another class-action lawsuit Friday, growing out of CEO Elon Musk's tweeted remark that he was considering taking the company private. "Funding Secured." The stock initially shot up 11% to nearly $380. Neither he nor anyone else has supplied evidence that it was.

However, a source who is familiar with PIF's strategy said it was not now getting involved in any funding process for Tesla's take-private deal.

It's been all over the financial news regarding Elon Musk's recent tweet about taking Tesla private at $420 a share and now his own board may ask him to put up or shut up.

It had also caused Tesla securities buyers to pay inflated prices, he claimed.

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Tesla declined to comment on the suit. Musk is Tesla's largest shareholder, with a 20% stake in the company.

San Francisco attorney Joe Tabacco expressed his view that shareholders may actually have a viable claim against Tesla, according to Bloomberg.

Other investors have begun to file lawsuits as well. The case is going to be consolidated and presented in front of a single Judge to solve the matter soon.

Since rising sharply in the immediate aftermath of Musk's statement, Tesla stock has largely given back its gains, closing on Friday at $355.49. After adjusting for inflation, that's more than the record-setting buyout of RJR Nabisco that closed in 1989. The total cost is about $72 billion.

Even a "preliminary commitment" with an investor or bank would be enough to support the idea that Musk's statements were made in "good faith", Fisch said.

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Short sellers are investors who bet against a company and look for its stock price to go down.

Musk has a history of setting aggressive sales targets that critics have called unrealistic.

Investment bankers and Wall Street automotive sector analysts have so far reacted with skepticism saying it would be hard for Mr. Musk, whose net worth is pegged by Forbes at $22-B, to raise the equity and debt financing needed for the deal given Tesla is not turning a profit.

The briefs battle royale began after Einhorn's hedge fund said in a letter he was "happy that his Model S lease ended" and was replacing the vehicle because of problems with the technology.

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