Tesla investor David Wagner called on regulators to review the company's internal documents to investigate whether Tesla and Musk violated the agreement reached with the SEC.

　　According to foreign media reports, Tesla was sued by investors because the company’s CEO Elon Musk posted a tweet about the sale of shares on social media, which lowered its stock price.

　　(Image source: Tesla)

　　Tesla investor David Wagner called on regulators to review the company’s internal documents to investigate whether Tesla and Musk violated the agreement reached with the US securities regulator and whether its board members failed to comply with fiduciary duties.

　　Musk said on November 16 that if Twitter fans support him, he will sell 10% of the shares. Since then, Tesla's stock price, which has been hovering at its highest point in history, has fallen sharply by about a quarter. After that, he sold a total of approximately $14 billion worth of stock.

　　On December 16, Wagner filed a lawsuit with the Delaware Justice Court, seeking to obtain records and accounts related to Musk’s tweets, including documents that can prove whether Musk has undergone pre-review or pre-approval before publishing the content.

　　In March of this year, another shareholder also sued Musk and Tesla’s board of directors, claiming that he violated the settlement agreement reached with the SEC in 2018, causing shareholders to suffer billions of dollars in losses.

　　In 2018, Musk reached an agreement with the U.S. Securities and Exchange Commission (SEC). At that time, Musk said that he would consider privatizing the company and claimed that he had locked up the funds needed for privatization. However, the SEC found that Musk's statement was not true after investigation, so he took it to court. Subsequently, the two parties reached a settlement. As part of the settlement agreement, Musk promised that when posting tweets containing material company information in the future, lawyers will need to review the content of the tweets in advance.

　　This article is reproduced from Gasgoo.com