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Shareholders are suing Elon Musk over autopilot technology

Tesla shareholders are suing electric car pioneer and CEO Elon Musk for whitewashing the safety and efficiency of the autopilot function.

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Shareholders are suing Elon Musk over autopilot technology

Tesla shareholders are suing electric car pioneer and CEO Elon Musk for whitewashing the safety and efficiency of the autopilot function. Tesla has hid for four years with false and misleading statements that the technology, which could be responsible for several fatal accidents, "poses a serious risk of accident and injury," according to the class action lawsuit filed in federal court in San Francisco on Monday.

The share price fell several times after accidents in connection with the driver assistance system and recall campaigns. CFO Zachary Kirkhorn and his predecessor Deepak Ahuja are also defendants. Unspecified damages are being sought for Tesla shareholders for the period February 19, 2019 through February 17, 2023.

"As a result of the defendants' wrongful acts and omissions and the sharp decline in the market value of the company's common stock, the plaintiff and other members of the plaintiff class have suffered substantial loss and damage," the complaint continued. Tesla did not immediately respond to a Reuters request for comment.

Tesla shareholders recently failed in another class action lawsuit against Musk. The process involved tweets from the company boss from 2018. The jury, after deliberating for around two hours, concluded in early February that the plaintiffs could not prove that Musk was responsible for their losses in the stock market.

Specifically, the process revolved around two tweets in which Musk announced in August 2018 that he wanted to take the electric car manufacturer off the stock exchange. Specifically, his claims that funding for such a deal has been secured and that there is broad investor support for it are the focus. It later emerged that there were no written commitments from funders -- and many key investors wanted Tesla to remain public. Musk gave up the plan a little later.

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