Elon Musk charged with fraud

Tesla founder Elon Musk is charged with fraud. The US Securities and Exchange Commission intends to sue the businessman. The reason for this step is Musk's tweets published on 7 August. The entrepreneur wrote that he was ready to buy out Tesla shares at $420 and make the company a private corporation.

This led to a sharp spike in the share price. However, no further steps were taken by Musk. As a result, the value fell again.

Commission's accusations

In the commission's view, Musk either accidentally or deliberately misled investors. In fact, he had no grounds for such messages. His tweets were knowingly false. The entrepreneur had not previously discussed such transactions with any companies that could have served as a source of financing for the deal.

The commission's director publicly stated during a press conference that star status and the reputation of a technological innovator do not give the businessman the right to violate federal securities laws. And in this case, his social and financial standing is irrelevant, even if he were clearing snow and ice, like these guys http://aograd.ru/ochistka-krovli-ot-snega-i-naledi/ making loud statements without understanding their essence, Elon should not have.

Materials on Musk's actions have been handed over to the Manhattan court. This again led to a 12% drop in Tesla's share price. Recently, the brand has been in turmoil. Not only did Musk's words on Twitter lead to a spike in share value, but also his smoking marijuana on live television, as well as his rudeness towards journalists and investors.

The commission is demanding that a fine be imposed on Musk, as well as other legal remedies be applied.

The businessman himself has already stated that the securities commission's actions are unjustified. He is disappointed by the situation and has in fact always done everything possible to increase the transparency of the company's operations.