The FRAUDSTER?: SEC Sues Elon Musk for Fraud, Seeks Removal From Tesla

Live by the crony sword, die by it. Musk has long enjoyed the blessings of government. Now he feels the other side.

Musk made a huge, and very public mistake. It looks like crony hubris got the better of him.

(From The Wall Street Journal)

U.S. securities regulators on Thursday sought to force Tesla Inc. TSLA -12.08% Chief Executive Elon Musk out of the company he helped get off the ground about 15 years ago, alleging he misled shareholders when he tweeted he had funding for what would have been the largest-ever corporate buyout…

…Tesla wasn’t named in the suit as a defendant, but the SEC is seeking to bar Mr. Musk, Tesla’s largest shareholder and its top executive, from serving as an officer or director of any U.S. public company.

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