Tesla shareholders have initiated a class action lawsuit against Elon Musk, citing securities fraud due to hidden risks associated with the company's robotaxi program. Concerns include alarming instances of erratic vehicle behavior and Musk's exclusive reliance on visual cameras for autonomous driving, which critics argue jeopardizes passenger safety. Shareholders assert Musk has exaggerated the technology's effectiveness, thereby inflating the stock price. Facing skepticism, Musk altered previous claims about robotaxi deployment timelines, suggesting full autonomy for millions of vehicles may not materialize until late 2026. A recent ruling also mandates Tesla to pay damages related to its Autopilot software.
Tesla shareholders have filed a proposed class action lawsuit against CEO Elon Musk, alleging securities fraud due to the company's failure to disclose significant risks related to its robotaxis.
Concerns surrounding Tesla's autonomous driving technology have intensified as shareholders accuse Musk of overstating the system's effectiveness, leading to artificially inflated stock prices.
Critics have raised safety issues with Tesla's robotaxis, highlighting incidents of erratic driving behavior and criticizing Musk's reliance solely on visual cameras instead of more advanced sensors.
In a recent earnings call, Musk revised his previous promise of having "over a million" robotaxis on the roads, now stating that "there will be millions of Teslas operating fully autonomously" by late 2026.
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