Tesla share had hit a fall of 13.9 percent on Friday, the day after the Financial Supervisory Authority of the United States opened a fraud case against Director Elon Musk. The price of the shares is now $ 264.77.
The background for the fraud allegations is that Musk in a Twitter message dated August 7 this year wrote that he is considering making Tesla private at a price of $ 420 per share. He also claimed to have secured funding. Tesla share rose by almost 11 percent the same day after the announcement was released, but a few weeks later Musk said he had dropped plans to take Tesla by stock exchange.
On Thursday, the US Securities and Exchange Commission (SEC) filed a lawsuit against Musk where they wrote that the Tesla had not discussed or made any agreement regarding the purchase of Tesla. They therefore believe that he led investors behind the light with their comments.
“Managers for listed companies have trust positions in the market and have an important responsibility to shareholders,” said Steven Peikin, Financial Supervisory Authority.
Musk described the lawsuit as sad and unfair.
“I have always acted with the best intentions when it comes to honesty, openness and investors. Integrity is the most important value in my life and facts will show that I have never compromised in any way, he said on Thursday.