FT 2023-01-21
“In the moments and days following Musk’s “funding secured” tweet on August 7 2018, Tesla’s stock price was extremely volatile, and fell sharply when it became clear a plan to have Saudi backers fund a go-private effort would not go ahead.
The trial in the class action lawsuit, which is expected to last another two weeks, alleges the cost to investors could run into the billions of dollars.
Musk described his Twitter account as the most “democratic” way to reach his retail investors, describing that cohort as the most “loyal” supporters of the company.“
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I have worked under jurisdiction of securities law and the Ontario Securities Commission regulations are clear.
I fail to understand why the court is adjudicating on a black and white matter embedded within securities law and managed (in America) by SEC.
At the risk of sounding facetious it seems all Musk has to do is wear a suit and tie.
This is wrong.
Bankwatch 