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. Payouts 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. The fund was originally $40 million, with Musk and Tesla each contributing $20 million, and grew to $42.3 million with interest payments. Last week, the SEC said 3,350 claimants would share the $41.53 million payout, recouping 51.7% of their losses. The case is SEC v Musk et al, U.S. District Court, Southern District of New York, No.

Source: Forbes September 03, 2023 05:34 UTC