Neither he nor anyone else has supplied evidence that it was.
The complaint charges that defendant Elon Musk ("Musk"), the Company's Chairman and Chief Executive Officer, and Tesla, violated the Securities Exchange Act of 1934 by issuing false and misleading statements regarding Musk taking the Company private.
Tesla declined to comment on the suit.
The complaint filed by Kalman Isaacs said Musk's alleged false and misleading tweets on August 7 about a possible going-private transaction, and Tesla's failure to correct them, were a "nuclear attack" on short-sellers that inflated Tesla's stock price and violated federal securities laws. There is even the suggestion that Musk's tweets about taking Tesla private were in response to the bets.
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Short-sellers aim to profit by selling borrowed shares, hoping to buy them back later at a lower price. In the class action lawsuit filed by Isaacs, he argues that Musk doesn't actually have funding secured.
"The most striking feature of the quarter is that Elon Musk appears erratic and desperate", Einhorn's letter added. Eventually, the cases will be consolidated and go before a single judge. After adjusting for inflation, that's more than the record-setting buyout of RJR Nabisco that closed in 1989.
Indeed, Tesla continues is burning through cash at an annualized rate of $4 billion as it tries to sort through its myriad of production problems.
The worst affected segment appears to be the short-sellers in the market who sell high and do the repurchase later. "The market reaction shows Musk's statement by itself was material".
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Wall Street analysts have expressed doubts about the billionaire' s ability to gather enough financial backing to complete a going-private deal.
Tesla is facing a make-or-break moment in its eight-year history as a public company, as competition from European automakers is poised to intensify with new electric vehicles from Mercedes, Audi, BMW and other rivals.
The briefs battle royale began after Einhorn's hedge fund said in a letter he was "happy that his Model S lease ended" and was replacing the vehicle because of problems with the technology. The action was filed in the Northern District of California and is captioned Kalman Isaacs v. Elon Musk, et al.
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