Tesla investors to get $12,000 each as compensation for Musk's tweet

A total of 3,350 claims will be paid out of the fund set up from the settlement if the plan is approved, according to the filing

The judge said he would sign off on the plan on September 1 if there are no objections from Tesla or its CEO Mr Musk, the world’s richest person. Picture: Britta Pederson/Getty

A group of Tesla investors stands to recover an average of about $12,000 (€11,110) a head for losses they incurred from Elon Musk’s famous 2018 tweet that he had “funding secured” to take the carmaker private at $420 a share — and then didn’t.

The US Securities and Exchange Commission (SEC) aims to pay the investors the $40m plus interest that Tesla’s chief executive officer and the company agreed to as civil penalties to settle a lawsuit by the regulator.