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Tesla CEO Elon Musk faces SEC securities fraud lawsuit

Elon Musk faces SEC securities fraud lawsuitTesla CEO Elon Musk certainly knows how to court controversy. But, even by Musk’s extravagant standards, the last few months have been more than usually eventful, culminating in a US Securities and Exchange Commission (SEC) lawsuit, as well as a reported Department of Justice criminal probe that could put his role as head of a publicly traded company into jeopardy.

It all started with a series of ill-advised tweets at the beginning of August, in which Musk hinted at an imminent change in Tesla’s ownership. Statements, including teasers such as ‘Am considering taking Tesla private at $420’ and ‘Funding secured’, saw share prices soar, amid fevered speculation over whether the tweets represented a serious intention or were just, in fact, elaborate ‘weed’ jokes.

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