It’s been two years since Elon Musk’s highly controversial tweets about taking Tesla private, and the tech world is still trying to make sense of it all. In a new report, TechVerdict has laid out a comprehensive summary of the events that lead up to the tweets, and what the implications were for Tesla and its investors.
It all began on August 7th, 2018, when Elon Musk tweeted that he was considering taking Tesla private at $420 per share. The tweet sent shockwaves through the stock market, as the stock price of Tesla skyrocketed. The SEC soon began an investigation into the tweets, as investors alleged that the tweet was an attempt to manipulate stock prices.
The SEC’s investigation concluded that Musk had not done anything illegal, but that he had made a mistake in his wording. The SEC found that Musk had not intended to manipulate stock prices, but that his tweet was misleading and caused confusion in the market. As a result, Musk was required to pay a $20 million fine and step down as chairman of Tesla’s board.
Although the SEC’s investigation was closed, the implications of Musk’s tweets are still being felt today. The incident has caused investors to be more cautious when investing in Tesla, and it has also caused Tesla to be more transparent in its communications.
Ultimately, the incident has shown that companies need to be mindful of their communication, and that investors need to be aware of the risks of investing in a company like Tesla. TechVerdict’s summary of the events surrounding the tweets is a valuable resource for anyone interested in understanding the implications of the incident and the lessons that can be learned from it.
Source: www.wsj.com