Tesla 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. Read more…