Elon Musk was accused of stock fraud

Elon Musk was accused of stock fraud

September 7, 2018 0 By autotimesnews

The founder and head of the analytical company Citron Research, Andrew Left, sued the head of the automaker Tesla Elon Musk. This is reported by CNBC. According to the publication, Mask is accused of stock fraud.

So, in early August, Ilon Mask announced that he can redeem all of Tesla’s shares and withdraw it from the stock exchange. However, he did not take any further steps in this direction. In the lawsuit is affirmed, thus Mask manipulated the price of the company’s shares, giving false information information.

The company Tesla Motors in the second quarter of this year suffered record losses – the net loss of the American manufacturer of electric cars exceeded 717 million dollars. As a result of the first quarter, the company also incurred losses – $ 709.5 million.

The American company will explain such losses by big investments in new models. Among them, the first place belongs to the Model 3 electric car. In Tesla they assured that this electric car has already started to make a profit.

Earlier, the head of Tesla Elon Musk appealed to the suppliers with a request to return some of the money that was paid to them under the terms of contracts from 2016 onwards. The document states that, thanks to this return, Tesla will be able to make a profit and continue its normal operation. In the company itself, they are only talking about negotiations with suppliers to reduce the price of some contracts.

Tesla, a company focused on the production of electric vehicles, was founded in 2003. Since 2008, he sells the Tesla Roadster. In 2012, the company introduced the Model S sedan. The manufacturer’s headquarters are in Palo Alto, California.