Tesla investor David Wagner has called for access to internal documents to investigate whether Tesla and Musk violated an agreement with the US Securities Regulatory Authority and its board members failed to comply with their fiduciary duties, Reuters reported.
In 2018, Musk settled a lawsuit by the Securities and Exchange Commission over his tweet about making the company private, and agreed to have the company’s lawyers pre-approval of tweets containing material information about the company.
Tesla shares, which hovered near record levels, lost their value by about a quarter after Musk said on November 6 that he would sell 10% of his stake if Twitter users agreed.
He has since sold nearly $14 billion in stock so far, the lawsuit filed in Delaware court in Chancery since last Thursday, seeks records and books related to his tweets, including documents to determine whether the stock sales tweets have been reviewed or approved. them in advance.
In March, another shareholder sued Musk and its board of directors in March, accusing him of violating his 2018 settlement with the Securities and Exchange Commission and exposing shareholders to billions of dollars in losses.
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