Electric car producer Tesla has been hit by a lawsuit because of tweets by CEO Elon Musk.

Famous for making eye-popping statements on social media, Musk had asked in a poll on Twitter if people thought he should sell 10 percent of his stake in Tesla.&nbsp;

In the poll, almost 58 percent of the 3.5 million votes cast were in favor of him proceeding with the sale.

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Now, Tesla investor David Wagner has accused Musk of violating an agreement with the US securities regulator.

He believes the company's board members failed to adhere to their fiduciary duties and has filed for access to internal documents to investigate the matter at the Delaware Court of Chancery.

<a href="https://www.wionews.com/world/tesla-ceo-elon-musk-is-thinking-of-quitting-his-jobs-and-becoming-an-influencer-435797">Also read |&nbsp;Tesla CEO Elon Musk is thinking of quitting his jobs and becoming an influencer</a>

Under a September 2018 settlement with the US Securities and Exchange Commission, Musk was required to step down as chairman and pay $20 million to settle charges he defrauded investors with false claims on Twitter about the possible go-private transaction that was quickly aborted.

Musk, who is the world's richest person, has sold just over 934,000 shares in Tesla, according to documents filed with US stock regulators. They were worth about $14 billion.

<a href="https://www.wionews.com/south-asia/tesla-ceo-elon-musk-wealthier-than-pakistans-gdp-425852">Also read |&nbsp;Tesla CEO Elon Musk wealthier than Pakistan’s GDP</a>

Wagner alleges that Tesla shares, which had hovered near record-highs, lost their value by about a quarter after the irresponsible tweets made by Musk.

Analysts said the 50-year-old South African billionaire's stock sale will be liable for capital gains tax of at least $1.4 billion.

His tweets followed a proposal by US Congressional Democrats to tax the super-wealthy more heavily by targeting stocks, which are usually only taxed when sold.

(With inputs from agencies)

Electric car producer Tesla has been hit by a lawsuit because of tweets by CEO Elon Musk. Famous for making eye-popping statements on social media, Musk had asked in a poll on Twitter if people thought he should sell 10 percent of his stake in Tesla.

Electric car producer Tesla has been hit by a lawsuit because of tweets by CEO Elon Musk. Famous for making eye-popping statements on social media, Musk had asked in a poll on Twitter if people thought he should sell 10 percent of his stake in Tesla. In the poll, almost 58 percent of the 3.5 million votes cast were in favor of him proceeding with the sale. Now, Tesla investor David Wagner has accused Musk of violating an agreement with the US securities regulator. He believes the company's board members failed to adhere to their fiduciary duties and has filed for access to internal documents to investigate the matter at the Delaware Court of Chancery. Also read | Tesla CEO Elon Musk is thinking of quitting his jobs and becoming an influencer Under a September 2018 settlement with the US Securities and Exchange Commission, Musk was required to step down as chairman and pay $20 million to settle charges he defrauded investors with false claims on Twitter about the possible go-private transaction that was quickly aborted. Musk, who is the world's richest person, has sold just over 934,000 shares in Tesla, according to documents filed with US stock regulators. They were worth about $14 billion. Also read | Tesla CEO Elon Musk wealthier than Pakistan’s GDP Wagner alleges that Tesla shares, which had hovered near record-highs, lost their value by about a quarter after the irresponsible tweets made by Musk. Analysts said the 50-year-old South African billionaire's stock sale will be liable for capital gains tax of at least $1.4 billion. His tweets followed a proposal by US Congressional Democrats to tax the super-wealthy more heavily by targeting stocks, which are usually only taxed when sold. (With inputs from agencies)

Electric car making company Tesla hit by lawsuit over tweets by CEO Elon Musk

American investor and hedge fund manager Michael Burry got involved in a Twitter spat with Tesla chief Elon Musk.

The spat began after electric-truck maker Rivian made a successful IPO in the United States and its shares soared on Wall Street as its market capitalisation grew to over $100 billion.

Musk who owns his own electric car company shot a tweet saying: "I hope they are able to achieve high production and breakeven cash flow," while adding, "That is the true test."

The SpaceX chief then boasted that there are "hundreds of automotive startups, both electric and combustion" and then said: "Tesla is only American carmaker to reach high volume production and positive cash flow in past 100 years."

However, Michael Burry retorted saying that the "true test" was achieving the feat "without massive government and electricity subsidies on the back of taxpayers who don't own your cars".

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Rivian's valuation rose above traditional carmakers Ford and General Motors although it does not produce as many cars as the US auto giants&nbsp;even as experts compared it to Tesla's own achievements in the electric car market.

Tesla had recently hit $1 trillion in market value. However, Musk decided to sell over &nbsp;$6.9 billion worth of shares after a Twitter poll suggested that the billionaire should make the sale.

Tesla's share price fell over 15 per cent as Musk, 50, sold 5.1 million Tesla shares.

Burry took the opportunity to hit out at Musk once again after he said in a tweet that Tesla's stock could plunge like Amazon during the dot com burst in the 90s.

“Can $TSLA fall 80-90%? After 2000, many high flyers did. $AMZN fell 95% [two] decades ago, changed its whole [business], and thrived much later,” he said while deleting the tweet.

(With inputs from Agencies)

American investor and hedge fund manager Michael Burry got involved in a Twitter spat with Tesla chief Elon Musk. The spat began after electric-truck maker Rivian made a successful IPO in the United States and its shares soared on Wall Street as its market capitalisation grew to over $100 billion.

American investor and hedge fund manager Michael Burry got involved in a Twitter spat with Tesla chief Elon Musk. The spat began after electric-truck maker Rivian made a successful IPO in the United States and its shares soared on Wall Street as its market capitalisation grew to over $100 billion. Musk who owns his own electric car company shot a tweet saying: "I hope they are able to achieve high production and breakeven cash flow," while adding, "That is the true test." The SpaceX chief then boasted that there are "hundreds of automotive startups, both electric and combustion" and then said: "Tesla is only American carmaker to reach high volume production and positive cash flow in past 100 years." However, Michael Burry retorted saying that the "true test" was achieving the feat "without massive government and electricity subsidies on the back of taxpayers who don't own your cars". pic.twitter.com/IZqAMej2dI — Michael Burry Archive (@BurryArchive) November 12, 2021 × Rivian's valuation rose above traditional carmakers Ford and General Motors although it does not produce as many cars as the US auto giants even as experts compared it to Tesla's own achievements in the electric car market. Tesla had recently hit $1 trillion in market value. However, Musk decided to sell over $6.9 billion worth of shares after a Twitter poll suggested that the billionaire should make the sale. Tesla's share price fell over 15 per cent as Musk, 50, sold 5.1 million Tesla shares. Burry took the opportunity to hit out at Musk once again after he said in a tweet that Tesla's stock could plunge like Amazon during the dot com burst in the 90s. “Can $TSLA fall 80-90%? After 2000, many high flyers did. $AMZN fell 95% [two] decades ago, changed its whole [business], and thrived much later,” he said while deleting the tweet. (With inputs from Agencies)

Investor Michael Burry in Twitter row with Musk over electric truck firm's IPO

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Electric car making company Tesla hit by lawsuit over tweets by CEO Elon Musk

Investor Michael Burry in Twitter row with Musk over electric truck firm's IPO