SEC sues Tesla CEO Musk over controversial tweet

The Securities and Exchange Commission on Thursday sued Tesla CEO Elon Musk on allegations that he lied to investors when he tweeted that he had secured funding to take the electric-car maker private.

The SEC is calling for banning Musk from leading any public company. Musk, who also runs SpaceX and is one of the nation’s most high-profile tech entrepreneurs, said he prided himself on his integrity and had never compromised it.

“This unjustified action by the SEC leaves me deeply saddened and disappointed,” he said. Tesla’s stock dropped by more than 11 percent in after-hours trading after the news was released.

[The Washington Post]
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