Elon Musk charged with fraud:-SEC
by calvin chirayath, Business student The technology giant Tesla CEO Elon Musk been sued by the Securities and Exchange Commission for fraud, the company was also expecting to be sued, though Tesla was not named as a defendant in the complaint Shares of the automaker ,rocketmaker ,hyperloopmaker fell more than 13% in extended trading. The stock is roughly 30 percent below its 52-week high of $387. The fraud case was alleged on the bases of Musk issueing false and misleading statements As a result Elon Musk had to step down as chairman of Tesla, but remained as CEO. Briefly speaking, In August , Musk took to Twitter to reveal that Tesla had enough support from investors to take the company at a premium of $420 per share.However such a misleading tweets caused significant market disruption and later fined Musk and Tesla a total of $40million.. As a settlement with SEC Musk had to step down as chairman, which took a huge toll on him. ...