Lawsuits say claim about taking company private was a scheme to punish short-sellers

Tesla and Elon Musk were sued twice on Friday by investors who say they fraudulently engineered a scheme to squeeze short-sellers, including through Musk’s proposal to take the electric car company private.

The lawsuits were filed three days after Musk stunned investors by announcing on Twitter that he might take Tesla private in a record $72bn transaction that valued the company at $420 per share, and that “funding” had been “secured”.

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