Tesla's CEO Elon Musk faces charges for fraudulent tweets
US securities regulators have announced their decision to press charges against Elon Musk, 47, the flamboyant founder of Tesla electric cars and other well-known tech companies such as SpaceX, Neuralink and Boring Company.
Musk’s false and misleading tweets -- claiming to take Tesla private -- amount to fraud, according to the US Securities and Exchange Commission (SEC) on Thursday.
The SEC's lawsuit, filed in Manhattan federal court, claimed Musk told his more than 22 million followers on Twitter he might take Tesla private at $420 per share.
SEC added Musk knew -- or was reckless in not knowing -- that his tweets about taking Tesla private at $420 a share were "false and misleading".
Musk responded to the news of the SEC lawsuit by saying he had done nothing wrong and the tweets were merely posted as a joke to impress his girlfriend.
"This unjustified action by the SEC leaves me deeply saddened and disappointed," he said in his statement.
“I have always taken action in the best interests of truth, transparency and investors. Integrity is the most important value in my life and the facts will show I never compromised this in any way," he stated.
Musk is admired as one of the most influential innovators in the United States.
He founded Tesla, along with the private space exploration firm SpaceX, the brain-computer interface startup Neuralink, and Boring Company -- designed to build tunnels that could transform mass transportation.
Musk, who was born in South Africa and has triple South African, American and Canadian citizenship, is considered to be one of the world’s best known tech executives.
He has an estimated net worth of more than $20 billion.
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