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Elon Musk is once again back in the news for his erratic tweets on the company&#39;s financial performance, as a Tesla investor has sued him and the board of the company for violating a settlement with the US Securities and Exchange Commission (SEC) that barred Musk from tweeting on the sensitive financial information related to the electric car maker.</p>
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The lawsuit claims that Musk is exposing Tesla to potential penalties from regulators and could drive down its stock.</p>
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Musk&#39;s &quot;erratic&quot; actions have caused the company &quot;substantial damage&quot;, including billions of dollars in lost market capitalisation, reports TechCrunch, citing the lawsuit.</p>
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Tesla did not comment on the lawsuit.</p>
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Despite reaching a settlement with the US SEC in April 2019 after weeks of negotiation over his controversial Twitter activities, Musk had agreed to more specific oversight on his tweets about the company.</p>
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This latest lawsuit alleged that Musk&#39;s tweeting violates the April 2019 settlement. The lawsuit cited several tweets sent from Musk&#39;s account, including a tweet on May 1, 2020 which said: &quot;Tesla stock is too high IMO.&quot;</p>
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The tweet sent Tesla shares into a free fall — nearly 12 per cent.</p>
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The latest lawsuit alleged that the Tesla board has also failed to secure a general counsel &quot;who can provide advice untainted by Musk&quot;.</p>
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According to the settlement reached in 2019, all tweets from Musk about Tesla&#39;s financial health, sales or delivery numbers were to be pre-approved by a company lawyer.</p>
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His notorious tweet in August 2018 when he posted about Tesla &quot;going private, funding secured&quot; at $420 a share, cost him his role as Tesla Chairman.</p>
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The tweet resulted in Musk and Tesla reaching a settlement of fraud charges with the SEC.</p>
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The settlement included $40 million in penalties, split equally between the company and Musk, and the removal of Musk as chairman of the Tesla board.</p>
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<em>(IANS)</em></p>
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