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Friday 28 September 2018

U.S. securities regulator sues Elon Musk, alleging fraud

SEC cites 'false and misleading' tweets about potentially taking Tesla private.

The U.S. Securities and Exchange Commission sued Tesla Inc. chief executive Elon Musk on Thursday, accusing him of securities fraud for making a series of "false and misleading" tweets about potentially taking the electric car company private.

In a complaint filed in Manhattan federal court, the SEC said Musk "knew or was reckless in not knowing" that he was misleading investors on Aug. 7 by telling his more than 22 million Twitter followers that he might take Tesla private at $420 per share, and that there was "funding secured."

Read more on cbc.ca


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