A federal judge has dismissed a securities fraud and defamation lawsuit filed by a Tesla investor against CEO Elon Musk, the company and a Musk supporter.
FILE - Tesla and SpaceX CEO Elon Musk arrives on the red carpet for the Axel Springer media award in Berlin on Dec. 1, 2020. A federal judge in California has dismissed a securities fraud and defamation lawsuit on Thursday, May 19, 2022, that a Tesla investor had filed against CEO Elon Musk, the company and a supporter of Musk.
Among other things, the lawsuit alleged that Omar Qazi, a Musk fan, defamed Greenspan in a series of tweets that made baseless accusations against him. Greenspan asserted that the tweets were part of a campaign of 80,000 coordinated tweets that praised Tesla and attacked critics. In granting a motion to expedite requested by the Orlando Police Pension Fund, Chancellor Kathaleen St. Jude McCormick noted that the threshold for granting such a request was relatively low.
The judge nevertheless said she was “dubious” that the proposed Twitter buyout is the sort of deal the provision is intended to address. The provision prevents any shareholder who owns 15% or more of a company’s stock from buying out other shareholders for a period of three years after reaching the 15% threshold unless certain conditions are met. One such condition is approval of the deal by at least two-thirds of the outstanding voting stock not owned by that “interested stockholder.
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