Photo from. AFP NEW YORK — Two investors filed suit against Tesla CEO Elon Musk and the electric car company after he tweeted he wanted to take the firm private, causing the share price to inflate and short-selling investors to lose millions.
On Tuesday, Musk said he could finance the buyout of Tesla, founded in 2003, at a large premium to current valuation, at a price of $420 a share.
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.
Short-selling involves borrowing overpriced shares in the belief that their price will decline, so they can be sold and then bought back at a lower price.
Musk did not prove he had the funds to finance the operation — despite tweeting “funding secured.” AFP
AFPAgence France-Presse is an international news agency headquartered in Paris, France. Founded in 1835, AFP is the third largest news agency in the world, after the Associated Press and Reuters.
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