The SEC has named Elon Musk in a lawsuit, according to Bloomberg.
The suit accuses him of making false or misleading statements about his August 7th claim to take Tesla private for $420 a share.
Tesla tweeted that he had “funding secured” for such a deal, and that the only step left in the process was getting investor approval.
A few weeks later, though, Tesla announced that it would not go private in a late night Friday press release. Musk explained that funding for the deal had in fact not been secured, and that discussions stalled in their early stages.
“After considering all of these factors, I met with Tesla’s Board of Directors yesterday and let them know that I believe the better path is for Tesla to remain public. The Board indicated that they agree,” Musk wrote.
More to come…
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