The SEC is suing Elon Musk for misleading Tesla investors with a tweetKurt Wagner / ReCode - 1 year ago
  • The lawsuit focuses on a tweet Musk sent in August about wanting to take Tesla private at $420 a share.
  • The SEC now says that Musk violated multiple SEC rules and called the tweeted statement, in which Musk claimed he had “funding secured” to take Tesla private, “false and misleading.”
  • The lawsuit seeks to block Musk from serving as an officer or board member for any public company.
  • “In truth and in fact, Musk had not even discussed, much less confirmed, key deal terms, including price, with any potential funding source,” the SEC’s lawsuit reads.