Tesla (TSLA) : CEO Elon Musk charged by SEC with securities fraud

 

The Securities and Exchange Commission has asked a federal court to oust Musk as Tesla's chairman and CEO, alleging he committed securities fraud with false statements about plans to take the company private.

• CEO Elon Musk charged by SEC with securities fraud for misleading investors with his flurry-inducing take-private Tweets on August 7. 
• Mr. Musk and the SEC were reportedly close to reaching a no-guilt settlement that would have barred him from being chairman for two years, but Mr. Musk backed out at the last minute.

Note Mon Oct 1, 2018: Elon Musk agreed to a settlement with the SEC for his "taking private" tweet in August, and will step down as Chairman for at least three years.