Ludacris Mode: SEC Sues Elon Musk, Causing a Quick Drop in Tesla Stock

BITING ACCUSATIONS

The Securities and Exchange Commission (SEC) is no longer nipping at Elon Musk’s heels. It’s now sinking its teeth into him.

On Thursday, the SEC filed a lawsuit against the Tesla CEO, alleging that Musk mislead investors and the public about his ability to take the tech company private. In doing so, the SEC claims, Musk ran afoul of the commission’s regulations. The complaint reads:

[Musk] falsely indicated that, should he so choose, it was virtually certain that he could take Tesla private at a purchase price that reflected a substantial premium over Tesla stock’s then-current share price, that funding for this multi-billion dollar transaction had been secured, and that the only contingency was a shareholder vote. In truth and in fact, Musk had not even discussed, much less confirmed, key deal terms, including price, with any potential funding source.

FALL FROM GRACE

The lawsuit isn’t exactly a surprise — we already knew the SEC was investing Musk. However, the news of the Musk lawsuit still sent investors running for the hills: CNBC reported a fall of 7 percent in Tesla stock in after-hours trading on Thursday.

Futurism has reached out to both the SEC and Tesla for comment; we will update this article as the story develops.

READ MORE: SEC Charges Tesla, Elon Musk With Fraud [CNBC]

More on the SEC investigation: The SEC Just Subpoenaed Elon Musk Over His Tesla Tweets

The post Ludacris Mode: SEC Sues Elon Musk, Causing a Quick Drop in Tesla Stock appeared first on Futurism.

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