Tesla, in response, has also hired two law firms, Paul, Weiss, Rifkin, Wharton & Garrison to help deal with the SEC, and Latham & Watkins to advise on privatization.
Last week, Musk shocked investors after tweeting that he could take the company private at $420 per share, the stock soared on the news before being halted by the Nasdaq.
A former SEC commissioner told FOX Business last week if Musk’s funding disclosure was not accurate, which appears to be the case a week later, it would create a new round of legal issues for Musk.
Am considering taking Tesla private at $420. Funding secured.
— Elon Musk (@elonmusk) August 7, 2018
1. Elon Musk did not trade on the announcement and did not tell anyone else to trade the announcement
2. Elon Musk and Tesla did announce in 2013 that they would use twitter to make announcements
3. Tesla did release the information in an official public announcement. There was a lag.
4. If there is anything inaccurate in the tweet.
Elon is safe on points 1 and 2.
Items 3 and 4 are causes for lawsuits.
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.