SEC claims Elon Musk made a series of “false and misleading” tweets about taking Tesla private.
The US Securities and Exchange Commission (SEC) has recently sued American automotive and energy company Tesla’s CEO Elon Musk for fraud and sought to remove him from the electric car company.
According to SEC, Musk made a series of “false and misleading” tweets about taking Tesla private.
In a filed lawsuit, the SEC illustrated Musk surprising members of his own team and investors with a series of tweets, starting with the August 7 announcement that Musk was thinking of taking Tesla private.
12 minutes after his first tweet, Tesla’s head of investor relations texted Musk’s chief of staff to ask whether Musk’s announcement was “legit”, the SEC said.
In response to the Lawsuit filed by SEC, Musk said he had done nothing wrong.
“This unjustified action by the SEC leaves me deeply saddened and disappointed,” Musk said in a statement.
In December 2016, Musk was ranked 21st on the Forbes list of The World’s Most Powerful People.
As of August 2018, he has a Net Worth of $19.8 billion and is listed by Forbes as the 46th-richest person in the world.
