Saudi wealth fund PIF has shown no interest in bankrolling Tesla buyout


The lawsuit alleges that Tesla and Musk violated the Securities Exchange Act of 1934 in sending the tweet by making allegedly false and misleading statements to defraud Tesla investors.

Two class actions suits have been filed against Elon Musk, the Founder and CEO of electric auto manufacturing company, Tesla Inc and the company itself. In the days following Musk's tweet, Tesla stock tumbled back down to around $353 per share.

"I have not seen significant short covering in Tesla since Elon Musk's tweets", Dusaniwsky told Benzinga.

Tesla declined to comment when contacted by AFP. His personal stake in Tesla is nearly 20 per cent.

Musk has come under pressure from hedge funds betting that Tesla's stock will drop given its production issues and negative cash flow, and Tesla is the most shorted US stock.

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It said this occurred largely through a series of tweets by Musk on August 7, including when he said he might take Tesla private and that there was "funding secured".

SEC enforcement attorneys in the San Francisco office were already gathering general information about Tesla's public pronouncements on manufacturing goals and sales targets, according to the people who asked not to be named because the review is private.

Tesla borrowed at hefty interest rates a year ago, the person said, an additional cost burden for a company that had only $2.2 billion in cash flow at the end of June. On the other hand, the two who have filed the class action suits have also not disclosed any proof that Musk's claim is a falsehood. Eventually, the cases will be consolidated and go before a single judge.

Even a "preliminary commitment" with an investor or bank would be enough to support the idea that Musk's statements were made in "good faith", Fisch said. "It looks like the large short sellers are holding onto their positions", and increasing the positions at the stock's higher level, he said.

Wall Street analysts have expressed doubts about the billionaire' s ability to gather enough financial backing to complete a going-private deal. The action was filed in the Northern District of California and is captioned Kalman Isaacs v. Elon Musk, et al.