Lawsuits accuse Tesla's Musk of fraud over tweets, going-private proposal

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In one of the lawsuits, the plaintiff Kalman Isaacs said Musk's tweets were false and misleading, and together with Tesla's failure to correct them amounted to a "nuclear attack" created to "completely decimate" short-sellers.

August 7, 2018 - Musk surprises investors by using Twitter to announce he is considering taking Tesla private at $420 per share, adding "Funding secured".

Two new lawsuits accuse Tesla and its CEO Elon Musk of violating federal securities law by allegedly making false statements to boost the company's stock price.

As a result, Tesla shares jumped 11 percent, causing so-called short-sellers who have been betting on the stock crashing for years to lose millions.

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

Tesla did not respond to a request for comment. If it's accurate, the report highlights that Musk's initial description of the plan which mentioned that the funding had been secured wasn't exactly true.

Dusaniwsky said that, as of Thursday morning, Tesla remained the single most heavily shorted USA equity with roughly $12.36 billion in total short interest.

On Tuesday, the irascible entrepreneur tweeted that funding for the transaction at $420 a share had been "secured", but offered no proof or documentation.

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

July 1, 2018 - Tesla factory workers produce more than 5,000 Model 3 sedans during the last week of June, hitting Musk's goal.

The misleading information provided by Elon forced the short sellers of Tesla to buy shares at manipulatively inflated prices. Eventually, the cases will be consolidated and go before a single judge. Previously, he has a history of setting unrealistic targets.

Wall Street analysts have expressed doubts about the billionaire' s ability to gather enough financial backing to complete a going-private deal.

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Tesla has yet to make a public statement on the matter. The action was filed in the Northern District of California and is captioned Kalman Isaacs v. Elon Musk, et al.

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