Elon Musk is getting sued by the U.S. Securities and Exchange Commission

Elon security fraud
The SEC is suing Elon Musk in federal court in Manhattan over his tweet last month proposing to take the embattled electric carmaker Tesla private.

From the SEC’s suit: “Musk’s statements, disseminated via Twitter, 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.”

Here’s the full complaint.

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