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SEC Sues Elon Musk for False Statements, Seeks Removal From Tesla

Elon Musk (Credit: SpaceX)
This is not good news for Elon Musk.


Thursday January 01, 1970

The Securities and Exchange Commission accused Tesla CEO Elon Musk of securities fraud Thursday in a civil lawsuit charging him with lying or recklessly misleading when he tweeted that he had “funding secured” to take the electric car company private.
In doing so, the Wall Street regulatory agency set in motion a legal showdown with tremendous stakes that could culminate in Musk’s removal from Tesla leadership and cause serious financial damage to the company.
Though Musk claimed in a series of tweets Aug. 7 that he had arranged a deal to take Tesla private, he “had not even discussed, much less confirmed, key deal terms, including price, with any potential funding source,” the SEC alleged in a complaint filed in federal court in New York City.
In addition to financial penalties, the SEC is asking the federal court to block Musk from leading a public company or serving on the board of one, which would require him to leave Tesla.

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