A federal judge on Friday authorized the payout of $41.53 million to investors who lost money when Elon Musk tweeted about taking his electric car company Tesla private.
NEW YORK, Sept 1 - A federal judge on Friday authorized the payout of $41.53 million to investors who lost money when Elon Musk tweeted about taking his electric car company TeslaPayouts will come from a "fair fund" created under a settlement between Musk and the U.S. Securities and Exchange Commission, arising from Musk's August 2018 post on Twitter that he had "funding secured" for a Tesla buyout.
Musk did not in fact have funding lined up, and many investors suffered losses because the tweet made Tesla's stock price more volatile. The fund was originally $40 million, with Musk and Tesla each contributing $20 million, and grew to $42.3 million with interest payments. About $773,000 is being held back for taxes and other expenses.would share the $41.53 million payout, recouping 51.7% of their losses. The average payout would be about $12,400.
The settlement also included a consent decree where Musk gave up his role as Tesla's chairman and agreed to let a Tesla lawyer approve some of his tweets.
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