Technology
Elon Musk sued by SEC for Tesla privatization tweet
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Image: BRENDAN SMIALOWSKI/AFP/Getty Images
2018-09-27 20:58:44 UTCTesla CEO Elon Musk is feeling the heat for a tweet he posted last month. The U.S. Securities and Exchange Commission filed a suit against him Thursday in U.S. District Court in the Southern District of New York for securities fraud.
The tweet that led to all this was Musk mulling buying out his publicly traded electric car company. He said he had “funding secured.”
Am considering taking Tesla private at $420. Funding secured.
— Elon Musk (@elonmusk) August 7, 2018
The tweet set off the stock — which wasn’t at $420 yet — and sent shareholders, Tesla owners, the company, and the media into a tizzy. Musk seemed to be serious about taking Tesla private with a company-wide email and public posts about his plan, but then in late August he called it all off.
Separately, Tesla could face criminal charges for the tweet. Tesla said the U.S. Department of Justice had requested documents for the same “funding secured” tweet.
The SEC lawsuit comes after the British cave diver that Musk insulted over Twitter sued the billionaire.
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