• AutoTL;DR@lemmings.worldB
    link
    fedilink
    English
    arrow-up
    2
    ·
    1 year ago

    This is the best summary I could come up with:


    Tesla shareholders who claimed to face financial losses after CEO Elon Musk tweeted about taking the company private might be on the verge of receiving compensation from a $42.3 million fund established as part of Musk’s federal securities fraud settlement.

    The compensation to investors comes several months after Musk was found not liable in a class-action securities fraud trial that explored how the CEO’s now infamous “funding secured” tweet caused volatility in the stock, resulting in losses of money.

    If Musk had lost the trial, he’d have paid out billions of dollars in damages to investors.

    After the SEC filed a complaint alleging Musk lied when he tweeted he had secured funding for a private takeover of the company at $420 per share, Musk agreed to step down as chairman of Tesla and pay a $20 million fine.

    U.S. District Judge Lewis Liman in Manhattan said Thursday he hopes to approve the payouts by September 1 or shortly afterward.

    The SEC settlement also included a stipulation that Musk agree to let a Tesla lawyer approve some of his Twitter posts.


    The original article contains 293 words, the summary contains 180 words. Saved 39%. I’m a bot and I’m open source!