Elon Musk’s federal shareholder trial began Tuesday, as he and Tesla defend against claims of securities fraud from investors over Musk’s 2018 declaration he had “Funding secured” to take the electric vehicle company private.
over the matter, paid a $20 million fine and relinquished his board chairmanship of Tesla, which paid a $20 million fine of its own.
The surge in the share price cost Tesla short sellers hundreds of millions of dollars “when they were forced thereafter to cover their positions by purchasing Tesla securities at artificially inflated prices,” read the initial 2018 complaint.
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