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You are here: Home / News / Elon Musk Charged with Securities Fraud for Misleading Tweets on Taking Tesla Private

Elon Musk Charged with Securities Fraud for Misleading Tweets on Taking Tesla Private

September 28, 2018 By CollisionWeek Editor

The Securities and Exchange Commission yesterday charged Elon Musk, CEO and Chairman of Silicon Valley-based Tesla Inc., with securities fraud for a series of false and misleading tweets about a potential transaction to take Tesla private. 

On August 7, 2018, Musk tweeted to his 22 million Twitter followers that he could take Tesla private at $420 per share (a substantial premium to its trading price at the time), that funding for the transaction had been secured, and that the only remaining uncertainty was a shareholder vote.  The SEC’s complaint alleges that, in truth, Musk had not discussed specific deal terms

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Filed Under: News Tagged With: Lawsuits, Securities and Exchange Commission, Tesla

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