The comment by Elon Musk on Twitter on taking the company private alerted the Securities and Exchange Commission and the regulatory body is said to have initiated an inquiry into the issue. "Funding Secured", he wrote.
Elon Musk - the founder, CEO, and lead designer at SpaceX, and the co-founder of Tesla - speaks at the International Space Station Research and Development Conference in Washington, US, July 19, 2017.
Musk has not offered evidence that he has lined up the necessary funding to take Tesla private, and the complaints did not offer proof to the contrary.
The two lawsuits filed by Isaacs and William Chamberlain on Friday alleged that Musk and Tesla's behaviour following the tweets violated U.S. securities law, and artificially inflated the company's share price.
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The Public Investment Fund sees its investment in Tesla as a strategic way for the world's biggest crude producer to hedge against oil, the person said.
But he added that the conduct of Tesla and its chief executive Mr Musk had caused volatility and cost short-sellers hundreds of millions of dollars.
It boosted Tesla's stock price immediately. After adjusting for inflation, that's more than the record-setting buyout of RJR Nabisco that closed in 1989. And he only owns 20 percent of the company! "The market reaction shows Musk's statement by itself was material".
If his motive for the tweet "was frustration with short sellers, then that could be a case of market manipulation", John Coffee Jr., a Columbia University law professor and corporate-governance expert, said earlier this week.
Musk has a history of setting aggressive sales targets that critics have called unrealistic. Tesla is the most shorted company on Wall Street, and Musk has been very vocal about his displeasure with short sellers. They said he had "addressed the funding for this to occur", without providing details. Musk and SoftBank Group's Masayoshi Son held talks a year ago that touched on taking Tesla private, two people with knowledge of the discussions have said.