Many have wondered if the SEC would take action against Musk, and fresh off the presses we see the SEC has filed suit. Here are the details…
Remember this recent famed Tweet:
Am considering taking Tesla private at $420. Funding secured.
— Elon Musk (@elonmusk) August 7, 2018
Many experts, analysts, investors and traders said it was illegal for Musk to say that, and that it was a way of pumping Tesla’s stock price.
Well the SEC investigated, and they have now filed suit and charged Elon Musk, in part, for a series of false and misleading statements (see full complaint at end of this article).
Tesla’s stock price is now plunging after-hours:
That’s a drop of over 10% peak to trough.
For those who have not been following the story, here’s a great podcast from just a few days ago discussing Tesla and making a bear case for the stock:
United States Securities an… by on Scribd