Elon Musk was forced into a months-long court battle to buy Twitter, but several lawsuits remain against the world’s richest man and electric car maker Tesla Inc., where he is chief executive officer.
twitter lawsuit
Twitter investors sued Musk in San Francisco federal court in May, claiming that he manipulated Twitter’s share price by failing to disclose in March that he was hoarding shares in the social media platform. The Securities and Exchange Commission has also said it is investigating the timing of Musk’s disclosures.
Musk’s lawyers have asked the court to dismiss the lawsuit, arguing that it is prohibited by federal securities law.
$55 billion Tesla salary lawsuit
A Tesla shareholder wants a judge to find that Musk’s Tesla Pay package, which is valued at $55 billion, unjustly enriches Musk. The case is to be heard in the Delaware Court of Chancery on November 14. Tesla has said the pay aligns to Musk’s incentives with those of shareholders and has benefited investors.
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employment dispute
Tesla and Musk are defending multiple allegations of workplace harassment and discrimination, including a lawsuit from the California Department of Fair Employment and Housing (DFEH).
In 2021, a jury awarded a black elevator operator $137 million in damages for working at Tesla’s factory in Fremont, Calif., before ordering a new trial. Separately, a Tesla shareholder has sued the company, claiming it has not adequately dealt with workplace discrimination and harassment.
Tesla has said it does not tolerate discrimination and has taken steps to address workers’ complaints.
Musk’s tweet sparked lawsuits
In August 2018, Musk sent a tweet that he had “funding secured” to take Tesla private, prompting a sharp rise in shares. The tweet sparked a series of lawsuits.
The 2018 lawsuit by the U.S. Securities and Exchange Commission came to an end, with Musk stepping down as Tesla’s chairman, paying the fine, and having a lawyer approve some of his tweets before posting them.
Tesla shareholders are suing in Delaware for overseeing Musk’s tweets about the company. In a separate ongoing case accusing Musk of boosting Tesla stock by making false statements, a US District Court in San Francisco found that a 2018 tweet was false and reckless.
JPMorgan Chase & Co. sued Tesla for $162.2 million in November, saying it was forced to renegotiate Tesla stock warrants after a 2018 tweet. Tesla said the tweet was a personal statement by Musk and countered the bank, arguing that it was seeking “unexpected” and they should have terminated the warrant rather than granted it.
Tesla Driver Assistance Check
Sources told Reuters that Tesla has reported 273 vehicle crashes since July 2021 involving the advanced driving assistance system, following a US criminal investigation that claimed the cars could drive themselves.
Tesla states that Autopilot “enables your car to automatically steer, accelerate and brake within its lane,” while full-self-driving vehicles enable vehicles to obey traffic signals and change lanes. Is.
solar litigation
Tesla investors are appealing an April decision by a Delaware judge, who ruled that Musk did not unjustly enrich himself by guiding the company to acquire SolarCity Corp in 2016, where Musk was chairman and most were major shareholders.
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Investors had sought more than $10 billion in damages.
The SEC launched an investigation in December over a whistleblower complaint that Tesla failed to properly inform shareholders and the public about the fire risks of its solar panel systems.
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