Tesla CEO Musk accused of defrauding shareholders, sued by investors

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

Tesla and the SEC declined comment.

The tweets are aimed at "shorts", or investors who borrowed shares of Tesla and immediately sold them with the hope that Tesla's share price would fall.

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 lawsuits were filed three days after Mr Musk announced on Twitter that planned to take Tesla private in a record $72bn (£56bn) transaction.

Anderson does the damage as India rolled out for 107
Jos Buttler (24) got in and got out before he too fell lbw aiming across the line as Shami took a third wicket this innings. Virat Kohli was involved in an almighty mix-up that led to Cheteshwar Pujara being run out as India were skittled for 107.

In a letter to employees on Tuesday, Musk suggested a choice for shareholders of selling their shares for $420 each or remaining investors in a private Tesla. "Funding Secured", he wrote.

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

"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".

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.

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The board of directors was informed of Musk's idea to turn Tesla into a privately-held company at least a week before he tweeted about it, six of the nine board members confirmed in a brief statement.

The stock has since retreated, in part following reports that the U.S. Securities and Exchange Commission had begun inquiring about Musk's activity.

According to estimates from Jeffrey Nassof, a director at Freeman Consulting Services, banks advising Tesla could make US$90 million to US$120 million in fees, while advisers to Musk could take home US$30 million to US$50 million.

Musk also said, with characteristic Kanye West arrogance, that the Tesla stock is "the most shorted stock in the history of the stock market" and that, as it is publicly traded, "there are large numbers of people who have the incentive to attack the company".

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