Tesla Shareholders to Receive Compensation After Musk’s Tweet Leads to Lawsuit Settlement
Shareholders who were part of a big lawsuit against Tesla are now going to get some money. The problem started because of a tweet from Elon Musk in 2018. He talked about Tesla maybe not being on the stock market anymore and that they had money ready. This tweet made Tesla’s stock price go crazy and many people lost a lot of money.
Now, after some time, those people are going to get a bit of their lost money back. The total amount is $40 million. This happened because the people who watch over the stock market (called the SEC) looked into it and found that Musk might have done something wrong. So, Musk and Tesla agreed to pay $20 million each. Also, Musk said he would be careful with his tweets from then on.
Musk followed this agreement and paid the money. But later, he wasn’t happy with it. He said the SEC stopped him from giving this money to the shareholders like he wanted. He also said he only agreed to the agreement because he was worried about Tesla’s future. Now, this issue is going to the highest court in the United States to see if Musk can have more freedom.
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What’s interesting is that Musk didn’t argue about giving back the $40 million. This money is now going to be given to around 3,350 people who said they lost money because of Musk’s tweet. Each person will get about $12,400 on average.
The judge who is looking at all of this wants to agree with the SEC’s plan if nobody disagrees. This plan would cover about half of the $80 million that the SEC thought the affected people lost. This amount is way smaller than the huge $12 billion in the first lawsuit that got dismissed. This is because they’re only thinking about the short time after Musk’s tweet and not everything else that happened. If everything goes well, the judge will give the OK to the SEC’s plan very soon. 📊👨⚖️👍