Tesla CEO Musk taunts short sellers amid legal scrutiny

Elon Musk’s Tesla tweets are no longer scaring short sellers

Elon Musk and his electric auto firm Tesla are being sued by investors who accuse them of concocting a scheme to "completely decimate" short-sellers.

The two lawsuits filed by Isaacs and William Chamberlain on Friday alleged that Musk and Tesla's behaviour following the tweets violated USA securities law, and artificially inflated the company's share price. The board is said to be interested in that information, obviously, since funding must be secure if Elon's buyout, which could cost $70 billion, is to happen. Then it fell back, losing about 7 per cent over two days, as doubts mounted about the feasibility of the going-private idea - and about the chief executive officer's declaration that funding was already in place.

Tesla CEO Elon Musk used Twitter late Friday to taunt investors who have bet against his company, even though his previous Twitter comments have spurred a government investigation and shareholder lawsuits.

"Am considering taking Tesla private at $420". The Securities and Exchange Commission is investigating Musk's disclosure of the potential deal, according to reports earlier this week.

Such investors have always been an irritant for Musk, who has sometimes used Twitter to criticize them.

The complaint said the class period begins on the afternoon of August 7, when the defendants launched their "nuclear attack" on short-sellers, and ends the next day.

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

On Friday, two lawsuits were filed accusing Musk of seeking to harm short sellers by artificially running up the price of the company's shares through his Tuesday tweets.

Isaacs accused Musk of making false and misleading statements to inflate Tesla's stock price, and that Tesla "doubled-down" on those statements by failing to correct them.

Mr Isaacs said he had bought 3,000 Tesla shares on 8 August to cover his short position.

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