The founder of Tesla, Elon Musk, has recently been rather active on social networks. At first, his tweets were considered to be hints for action but later some market participants incurred losses and eventually got bored. Notably, one of Tesla’s largest investors lost his nerve and decided to sue Mr. Musk. He declared that he could no longer tolerate Musk’s chaotic tweets.
The investor declares that Musk’s tweets expose the company to potential losses of billions of dollars. He also added that Tesla’s CEO violated some paragraphs of the 2018 agreement with the US Securities and Exchange Commission. The agreement states that an entrepreneur must first coordinate his/her activity on social networks with the company’s management and seek approval for his/her posts. Naturally, Musk ignores it and publishes posts without censorship and at the call of the heart.
Such behavior of the Tesla founder silences those people in the company who can and should oppose him. In the future, this may seriously affect the company's revenue, the outraged investor said. The company's board of directors cannot control Musk when it comes to his activity on social media despite repeated violations of the agreement with the regulatory authorities.
There is a grain of truth in these accusations. Some of Musk's posts or tweets have cost him and the company billions of dollars. Naturally, from time to time, Tesla benefited from it but there were quite unpleasant financial consequences as well. This year alone, Tesla has lost a third of its value three times. Not long ago, the company's market capitalization collapsed by nearly $300 billion. Musk’s wealth could drop or increase by $15 billion. So far, these have probably been the most expensive tweets in the history of the network.
