Tesla shares dropped more than 10% in after hours trading after the Securities and Exchange Commission filed charges against CEO Elon Musk, CNBC reported Thursday.
A docket entry in Manhattan federal court shows the SEC has opened a case against Musk. The SEC alleges that Musk lied when he tweeted on August 7 that he had “funding secured” for a takeover of the company at $420 per share.
Tesla has not responded to a request for comment. We will update the article as comments and new information comes in.
In August, Musk sent a tweet that he had secured funding and was considering taking Tesla private. The tweet wasn’t warmly embraced by the Tesla board or many shareholders. Several weeks later the company posted a blog announcing that Tesla will remain a public company.
from TechCrunch https://ift.tt/2N7Eh5F
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