Wednesday, 17 October, 2018

SEC Charges Elon Musk With Fraud Over 'Funding Secured' Tweets

Elon Musk and Tesla agreed to pay a total of US$40 million KIICHIRO SATO APElon Musk and Tesla agreed to pay a total of US$40 million
Elsie Buchanan | 30 September, 2018, 00:59

"Personally, I think it would be very risky to do so".

The company remains a story stock with a history of losses whose high valuation relative to other major auto makers has rested on investor confidence in the volatile and charismatic Musk.

It's looking like another bad day for Silicon Valley billionaires Elon Musk and Mark Zuckerberg.

In a statement on Thursday, Musk said that the SEC lawsuit left him "deeply saddened and disappointed". "They are all a little bit off central casting in their own way, but that sort of is what lets them walk through these walls or over these walls when most people are terrified".

According to Reuters, the Securities and Exchange Commission (SEC) moved to sue Musk for fraud, for tweets claiming he had "Funding secured" to take the publicly-floated company private, which never materialized. The case is not expected to go to trial until early next year.

While Musk's statements weren't smart from a business perspective, that doesn't necessarily mean he committed fraud, Gorman said.

The relationship between Musk and Grimes was apparently short-lived, following the tweet.

The challenges already facing Tesla might become even more daunting without Musk as CEO because its fortunes are inextricably tied to those of its leader.

"In the absence of a settlement, the mere possibility that Musk could be removed as CEO (or entirely from Telsa) is likely to cast an overhang on the stock, and make it extremely hard for the company to raise capital (either private or public)", Sacconaghi said.

Kavanaugh facing prosecutor said to be unbound by politics
It appears as though Mitchell is doing everything in her power to get the truth from Ford without causing too much pain or stress. She supervises attorneys who handle cases involving child molestation, sexual assault and computer crimes against children.


"This past year has been the most hard and painful year of my career", said Musk earlier this year. Based on the leak, it seems the program will be running throughout the next year or so; it's unclear when Tesla plans to enable the fully autonomous capability.

On Friday, Citigroup downgraded Tesla's stock to a sell rating from neutral , citing the SEC's suit.

"There's a ton of risk for the stock because the Tesla story is all about continuing to gain access to the capital markets", Whiston said.

It was claimed Tesla was close to reaching a deal with the SEC before it brought charges against Musk.

But in Silicon Valley, California, a place of regulatory rebellion where legal and personal failings are not often disqualifiers for corporate leadership, some tech leaders lamented the consequences of the lawsuit for innovation and rode to Musk's defense.

The Securities and Exchange Commission has opened a case against Tesla and SpaceX CEO Elon Musk.

The SEC's challenge is to "appropriately discipline Musk while not harming Tesla's shareholders", Grundfest said. The SEC complaint says Musk deceived shareholders when he insisted the deal had secured funding and investor support.

"I think it was a big mistake to turn down the settlement offer", CFRA analyst Garrett Nelson said.

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