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Tribune News Service
Tribune News Service
Business
Rex Crum

Tesla, Elon Musk sued for fraud by SEC

The U.S. Securities and Exchange Commission on Thursday filed suit against Tesla, and Chief Executive Elon Musk, charging the carmaker and its high-profile boss with fraud.

According to CNBC, the SEC has filed charges of fraud related to Musk's August announcement that he wanted to take Tesla private for $420 a share. Musk dropped the bombshell idea in an August 7 tweet in which he said he had "funding secured" to take Tesla private, but provided no financing details at that time.

Musk eventually dropped his plans to take Tesla private in late August.

Tesla shares fell 6 percent, to $289, in after-hours trading after the report that the SEC has sued the company and Musk.

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