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Entertainment & Sports

Apr. 17, 2020

US judge won’t spare Tesla from investor fraud complaint

Judge Edward Chen found Elon Musk could have intended to defraud shareholders and caused the company’s stock to plummet by tweeting in 2018 he secured funding to privatize Tesla in a $70 billion deal.

US judge won’t spare Tesla from investor fraud complaint
Elon Musk, chief executive of Tesla, in New York on Dec. 14, 2016. (New York Times News Service)

A federal judge in San Francisco has ruled Tesla Inc. must face a lawsuit claiming CEO Elon Musk’s 2018 tweet about taking the company private misled investors.

U.S. District Judge Edward Chen found Musk could have intended to defraud shareholders and caused the company’s stock to plummet by tweeting he secured funding to privatize Tesla in a $70 billion deal.

“Plaintiff has adequately pled that ...

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