Musk Hit With SEC Suit, Tesla Shares Collapse

Cars and Drivers

Published: September 27, 2018 5:43 pm

Last Updated: January 11, 2020 5:12 pm

The U.S. Securities and Exchange Commission (SEC) has announced charges against Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk, alleging fraud when he said he might take the company private and had the funds to do so. Shares dropped 6% on the news.

Musk tweeted that he might take Tesla private, and, additionally, indicated he had access to money to do so. Tesla shares rose, and the action was seen in some corners as self-dealing because of his share ownership.

The suit claims Musk never had the wherewithal to complete the deal.

The SEC wants Musk to be prevented from serving as an officer in a public company.

The #1 Thing to Do Before You Claim Social Security ^(Sponsor)

Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.

A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.

Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.

Have questions about retirement or personal finance? Email us at [email protected]!

By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.

By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.