By Jonathan Stempel NEW YORK (Reuters) - Investors who lost money when Elon Musk tweeted about taking his electric car company Tesla private may soon ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSNEW YORK - Investors who lost money when Elon Musk tweeted about taking his electric car company Tesla private may soon collect from a $42.3 million fund set up when Musk settled federal securities fraud charges.
The"fair fund" was created under a settlement arising from Musk's August 2018 tweet that he had"funding secured" for a Tesla buyout at a premium.The fund was originally $40 million, with Musk and Tesla each contributing $20 million. It grew to $42.3 million with interest payments. The SEC settlement also included a consent decree under which Musk gave up his role as Tesla's chairman and agreed to let a Tesla lawyer approve some of his Twitter posts.
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