• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Friday, May 9
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    Trump Announces First Post-Tariff Trade Deal

    May 8, 2025

    Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

    May 7, 2025

    Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

    May 7, 2025

    Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

    May 7, 2025

    ‘Wait Them Out’: John Kennedy Tells Larry Kudlow One Lie He Suspects China’s Telling US

    May 7, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Tech»Elon Musk to Pay Investors over Infamous Tesla ‘Funding Secured’ Tweet
Tech

Elon Musk to Pay Investors over Infamous Tesla ‘Funding Secured’ Tweet

August 27, 2023No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

More than 3,000 Tesla shareholders are set to receive a payout of approximately $12,397 each, following a Securities and Exchange Commission (SEC) lawsuit against Elon Musk for his infamous “funding secured” tweet from 2018.

MarketWatch reports that in 2018, Tesla CEO Elon Musk sent out a tweet that would quickly become infamous. Musk’s tweet claimed that he had “funding secured” to take Tesla private at $420 per share. This led to a lawsuit filed by the SEC, accusing Musk of defrauding investors. According to the SEC filing, a total of 3,350 claimants will benefit from the payout, recouping 51.7 percent of their calculated recognized loss.

Elon Musk satanic costume

Elon Musk’s Halloween costume (Taylor Hill /Getty)

The SEC has asked a judge to give the payout plan final approval. In order to receive payment, shareholders must have submitted a claim form to the administrator, Rust Consulting, by September 2022. The lawsuit culminated in civil penalties of $40 million plus interest against Musk and Tesla. The SEC estimated that the tweet led to investor losses amounting to $80 million.

In 2022, Musk unsuccessfully petitioned a judge to end the SEC settlement. In particular, Musk seemed to be tired of being tasked to have his tweets reviewed by a Tesla executive popularly referred to as his “Twitter sitter.”

As Breitbart News reported:

Musk argued that the agreement infringed on his right to free speech and that the SEC had used the agreement as an excuse to “launch endless, boundless” investigations of his public statements. Musk alleged that he only accepted the settlement in the first place as the litigation would have placed too much financial pressure on Tesla at the time.

Judge Lewis J. Liman of the U.S. District Court for the Southern District of New York wrote in a ruling issued Wednesday that “none of the arguments hold water,” and dismissed Musk’s claims. Judge Liman wrote that Musk’s claims that he agreed to the SEC’s conditions due to financial burden were “wholly unpersuasive” and that Musk was “already a multi-billionaire in 2018 and one of the wealthiest individuals in the world.”

Read more at MarketWatch here.

See also  BBC Exceeds Diversity Funding Target, Content Spend Hits $2 Billion

Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan

Elon Funding Infamous investors Musk pay Secured Tesla Tweet
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

The Modern Triumvirate: Trump, Xi, and Musk

April 7, 2025

Trump Admin Greenlights Installation Of Elon Musk’s Starlink On United Airlines Planes

April 1, 2025

Are Investors Pulling Out of Southeast Asia?

March 19, 2025

Will Uzbekistan’s 31-Year Effort to Join the WTO Finally Pay Off?

March 12, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Trans Writer Pens NBC’s ‘Quantum Leap’ Reboot Episode Promoting Transgender Athletes in Women’s Sports

February 15, 2023

Former L.S.U. Men’s Basketball Coach Will Wade Suspended for 10 Games

June 25, 2023

New Rule Bars Pentagon From Helping Out Filmmakers Unless They Pledge To Resist China’s Censorship

July 1, 2023

NBA’s Nikola Jokic Says Basketball Not as Important as His Wife and Child

May 30, 2023
Don't Miss

Trump Announces First Post-Tariff Trade Deal

Business May 8, 2025

President Donald Trump announced Thursday the U.S. has reached a trade agreement with the U.K.,…

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025

Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

May 7, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,110)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,626)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

23-Day-Old Girl Among Seven Killed in Russian Shelling of Kherson

August 15, 2023

Disney Groomers Lost $258 Million on Woke ‘Lightyear,’ ‘Strange World’

April 19, 2023

70% of food, drinks within arm’s reach are unhealthy

June 7, 2023
Popular Posts

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.