Breitbart: The Securities and Exchange Commission (SEC) Thursday accused Tesla chief Elon Musk of making false and misleading statements in August when he tweeted that he was “virtually certain” that he could take the electric car company private.
The SEC has asked the court to bar Musk from as a director or officer of a public company, which would mean he would have to step down as the head of Tesla. It is also seeking monetary fines and penalties.
The agency made its allegations in a lawsuit filed Thursday in federal court in Manhattan. The news of the lawsuit was first reported by Bloomberg.
The SEC says Musk never discussed taking the company private at $420 per share with any funding source, contrary to his claim that the funding was “secured.”
At a press conference Thursday, SEC officials said that Musk’s statements about taking Tesla private had “no basis in fact.”
“His tweets that funding was ‘secured’ and that investor support was ‘confirmed’ were simply not true,” an SEC official said.
The SEC said that Musk arrived at the $420 price by taking the then-current share price and adding 20 percent. This added up to $419 dollars. Musk then rounded the number up to $420 because “of the significance of that number in marijuana culture and the belief that his girlfriend would find it amusing,” an SEC official said. more here
Anyone who shorted Tesla is sure gonna be happy.
This guy is an idiot and the tesla family should hook him up to a tesla coil. his idea of the Tesla as a car is a piece of crap. it’s all wrong, drilling holes under LA, mission to mars with morons and artEests. selling flamethrowers over the internet. oh my god, when will you sheeple get woked and see this charlatan for what he is. he’s like your neighbors crazy kid who plays with dynamite in their back yard and puts on a show for all the kids in the neighborhood and your kids are all there. what’s it going to take to put a stop to this loon, how many sheeple have to be sacrificed.
Tesla, as a company, as it is, needs to be stopped. ended!
the risk of the con is sooner or later the rubes figure out the con
then it’s time to cut & run … Musk didn’t fold his tent in time
I’ve got nothing against lying on Twitter being a corporate crime. (Right, Jack?) I just want to be sure those fine folks at The Securities and Exchange Commission are, actually, claiming that lying on Twitter is a corporate crime. Before I bother breaking the internet with the Google dump.