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[Updated w/ Elon's statement] Tesla CEO Elon Musk dragged to court by SEC for Fraud

ItsMitch
By ItsMitch
in Tech News
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E: Elon musk has issued a statement to CNBC

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"This unjustified action by the SEC leaves me deeply saddened and disappointed," Musk said in a statement to CNBC. "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."

S: CNBC

 

Tesla CEO Elon Musk has been dragged into court by the US Securities and Exchange commission for fraud. The allegations come from Elon Musk's "false and misleading" tweets when he promised to take Tesla private at $420 a share and that "funding was secured". Elon is also alleged to failed to contact regulators about his plans to go private, according to the court documents filed in Manhattan District Court. 

 

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Elon Musk has been sued by the Securities and Exchange Commission for fraud, according to court documents filed Thursday. Sources close to the company told CNBC the company was also expecting to be sued, though Tesla was not named as a defendant in the complaint.

 

In August, Musk tweeted that he was considering taking Tesla private, adding "funding secured." The tweet spurred a scandal-ridden fall for Tesla and sent the stock see-sawing for weeks.

Tesla has declined to publicly comment on the matter. 


The SEC alleged: 

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Musk knew that he (1) had not agreed upon any terms for a going-private transaction with the Fund or any other funding source; (2) had no further substantive communications with representatives of the Fund beyond their 30 to 45 minute meeting on July 31; (3) had never discussed a going-private transaction at a share price of $420 with any potential funding source; (4) had not contacted any additional potential strategic investors to assess their interest in participating in a going-private transaction; (5) had not contacted existing Tesla shareholders to assess their interest in remaining invested in Tesla as a private company; (6) had not formally retained any legal or financial advisors to assist with a going-private transaction; (7) had not determined whether retail investors could remain invested in Tesla as a private company; (8) had not determined whether there were restrictions on illiquid holdings by Tesla's institutional investors; and (9) had not determined what regulatory approvals would be required or whether they could be satisfied.

Tesla Stock has been down 10.85% percent during after hours trading after the news broke. And personally, Elon may be screwed, Shareholders will probably kick off in the morning when the find out and the stock will most likely, go to the gutter once again. 

 

Lawsuit can be found:

https://sc.cnbcfm.com/applications/cnbc.com/resources/editorialfiles/2018/09/27/musrkaurg.pdf

 

SEC live press conference

 

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Do they have evidence outside of a tweet? Is a tweet even legal to say that person said it because anyone could have posted that from his account. If he would have come out on stage in front of an audience and news and said we are going private that's another thing. I don't know how this legally works though

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Just keeping this here as a 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Just now, BuckGup said:

Do they have evidence outside of a tweet

No but they have a good basis that Elon caused market chaos during his tweet storm (They even had to stop tesla stock purchasing & selling for a hour) and Elon's twitter can be used for PSA's about Tesla, as he's announced stuff in the past. SEC could use that against him to prove that Elon said this as a matter of fact, "Taking Tesla at $420, funding secured" when he in fact didn't have the funding secured. 

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6 minutes ago, BuckGup said:

Do they have evidence outside of a tweet? Is a tweet even legal to say that person said it because anyone could have posted that from his account. If he would have come out on stage in front of an audience and news and said we are going private that's another thing. I don't know how this legally works though

As CEO of a publicly traded company, he can't make financial statements about his company publicly unless it is completely true and guaranteed. His tweet did not meet that criteria.

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Quickly skimmed through the document, am I an idiot or is there no mention of how much he's being sued for? 

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Just now, Arika S said:

Quickly skimmed through the document, am I an idiot or is there no mention of how much he's being sued for? 

They don't normally ask for money, the Court to decide. The bold ones are fairly serious

 

Finding that Defendant violated the provisions of the federal securities laws as alleged herein;

II. Permanently restraining and enjoining Defendant from, directly or indirectly, engaging in conduct in violation of Section 10(b) of the Exchange Act [15 U.S.C. § 78j(b)] and Rule 10b-5 thereunder [17 C.F.R. § 240.10b-5];

III. Ordering Defendant to disgorge, with prejudgment interest, any ill-gotten gains received as a result of the violations alleged herein;

IV. Ordering Defendant to pay civil penalties pursuant to Section 21(d)(3) of the Exchange Act [15 U.S.C. § 78u(d)(3)];

V. Ordering that Defendant be prohibited from acting as an officer or director of any issuer that has a class of securities registered pursuant to Section 12 of the Exchange Act [15 U.S.C. § 78l] or that is required to file reports pursuant to Section 15(d) of the Exchange Act [15 U.S.C. § 78o(d)];

VI. Granting such other and further relief as this Court may deem just, equitable, or necessary.

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15 minutes ago, BuckGup said:

Do they have evidence outside of a tweet? Is a tweet even legal to say that person said it because anyone could have posted that from his account. If he would have come out on stage in front of an audience and news and said we are going private that's another thing. I don't know how this legally works though

Any form of information transfer can be considered. If someone else had posted it falsely or in error on his account, there's plenty of time for a correction statement to have been made before now. 

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30 minutes ago, BuckGup said:

Do they have evidence outside of a tweet? Is a tweet even legal to say that person said it because anyone could have posted that from his account. If he would have come out on stage in front of an audience and news and said we are going private that's another thing. I don't know how this legally works though

It's not necessarily about what he said, what he said was fine. It's about the way he said it. If they can prove he deliberately made the tweet with no intention of following it up to manipulate the market then it's fraud, plain and simple.

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As far as I remember he said "I might take Tesla private", he didn't say "I'll take it private"...

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Hopefully the law can deliver justice where it is due. I have no further input on the matter other than this meme

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10 hours ago, SC2Mitch said:

The allegations come from Elon Musk's "false and misleading" tweets when he promised to take Tesla private at $420 a share and that "funding was secured". 

 

10 hours ago, SC2Mitch said:

SEC could use that against him to prove that Elon said this as a matter of fact, "Taking Tesla at $420, funding secured" when he in fact didn't have the funding secured. 

Not that it changes anything, this was still a bad move, but Elon never "Promised" he was taking Tesla private, and in fact there was a very important qualifier before "Taking".

 

https://twitter.com/elonmusk/status/1026872652290379776?s=20

 

Quote

Am considering taking Tesla private at $420. Funding secured.

Considering. He was considering it. Thats not a promise. That's not him saying "It's gonna happen" it's a consideration.

 

Still probably stock manipulation, but making his comment out to be worse than it is doesn't exactly help support your side of the story.

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2 minutes ago, Sniperfox47 said:

 

Not that it changes anything, this was still a bad move, but Elon never "Promised" he was taking Tesla private, and in fact there was a very important qualifier before "Taking".

 

https://twitter.com/elonmusk/status/1026872652290379776?s=20

 

Considering. He was considering it. Thats not a promise. That's not him saying "It's gonna happen" it's a consideration.

 

Still probably stock manipulation, but making his comment out to be worse than it is doesn't exactly help support your side of the story.

From the stock market point of view thats irrelevant. You cannot make an announcement about the future of your public company unless it's 100% true. Just by saying he is considering it he's breaching regulation, he should only have announced it once he had considered it and decided to go ahead.

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5 minutes ago, Master Disaster said:

From the stock market point of view thats irrelevant. You cannot make an announcement about the future of your public company unless it's 100% true. Just by saying he is considering it he's breaching regulation, he should only have announced it once he had considered it and decided to go ahead.

>.> You do realize I commented on that in my post, right.

 

Just because it doesn't matter from a regulatory standpoint doesn't mean it's irrelevant in the "court of public opinion" and continuing to make it out as if he promised that this was happening is a gross misrepresentation of what he said. That was my point.

 

Stock manipulation or not, criminal or not, that doesn't make it okay to twist his words to fit a particular narrative. 

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2 minutes ago, Sniperfox47 said:

>.> You do realize I commented on that in my post, right.

 

Just because it doesn't matter from a regulatory standpoint doesn't mean it's irrelevant in the "court of public opinion" and continuing to make it out as if he promised that this was happening is a gross misrepresentation of what he said. That was my point.

 

Stock manipulation or not, criminal or not, that doesn't make it okay to twist his words to fit a particular narrative. 

I'm not 100% sure I understand what your point is.

 

How is "funding secured" when it's alleged he hadn't even spoken to anybody about funding anything other than a false misrepresentation of what was happening?

 

Nobody is twisting his words, the guy claimed he was taking Tesla private then doubled down later by claiming he had funding secured to do that when it's alleged that in reality he hadn't done a damn thing.

 

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2 hours ago, RejZoR said:

As far as I remember he said "I might take Tesla private", he didn't say "I'll take it private"...

The funding secured part is what they are concerned about. If Elon can prove that is the case then he will probably win the lawsuit

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8 minutes ago, spartaman64 said:

The funding secured part is what they are concerned about. If Elon can prove that is the case then he will probably win the lawsuit

It really isn't, when it comes to a public traded company any announcement made by the company that could possibly affect the share price must be 100% genuine.

 

He's not allowed to publicly announce that he's thinking about taking Tesla private. Just that alone is enough to charge him with intent to defraud.

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18 minutes ago, Master Disaster said:

I'm not 100% sure I understand what your point is.

Okay let's go through it bit by bit then.

18 minutes ago, Master Disaster said:

How is "funding secured" when it's alleged he hadn't even spoken to anybody about funding anything other than a false misrepresentation of what was happening?

That's all well and good. I never argued against any of that. He shouldn't have said that. And if these allegations are true then he did like to his stockholders. Again never disagreed with any of that.

 

18 minutes ago, Master Disaster said:

Nobody is twisting his words, the guy claimed he was taking Tesla private then doubled down later by claiming he had funding secured to do that when it's alleged that in reality he hadn't done a damn thing.

This is where I've lost you :) because now immediately after saying nobody's twisting his words, you're twisting his words.

 

Never, not once, did he say he was taking Tesla private. Not once.

 

He said he was *considering* taking Tesla private which is a *very* different thing.

 

Him allegedly securing funding to take them private doesn't magically change the meaning of that first sentence.

 

You seem to also misunderstand what genuine means.

 

Quote

gen·u·ine
ˈjenyo͞oən/
adjective
truly what something is said to be; authentic.

What he said his statement to be was a *consideration*, and truly, that was all it was.

 

The doesn't mean that he's okay saying it, especially because regulation isn't on a whether a statement is genuine, but just keep in mind that words have meaning and mispresenting them doesn't make your position any better.

 

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10 minutes ago, Sniperfox47 said:

Okay let's go through it bit by bit then.

That's all well and good. I never argued against any of that. He shouldn't have said that. And if these allegations are true then he did like to his stockholders. Again never disagreed with any of that.

 

This is where I've lost you :) because now immediately after saying nobody's twisting his words, you're twisting his words.

 

Never, not once, did he say he was taking Tesla private. Not once.

 

He said he was *considering* taking Tesla private which is a *very* different thing.

 

Him allegedly securing funding to take them private doesn't magically change the meaning of that first sentence.

 

You seem to also misunderstand what genuine means.

 

What he said his statement to be was a *consideration*, and truly, that was all it was.

 

The doesn't mean that he's okay saying it, especially because regulation isn't on a whether a statement is genuine, but just keep in mind that words have meaning and mispresenting them doesn't make your position any better.

 

Thanks for clarifying :)

 

Now I understand I agree on all parts.

 

I think part of the misunderstanding came from my choice of words. Genuine probably wasn't the best choice, I should have used accurate instead.

 

What he said wasn't necessarily not genuine, it was however not accurate. I apologise for the confusion.

 

Also ftr I had intended to say he was thinking about it but for whatever reason I didn't, again my bad.

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What happens if he walks into court with a bank statement containing enough zeros to finalise the deal?

 

11 hours ago, SC2Mitch said:

They don't normally ask for money, the Court to decide. The bold ones are fairly serious

 

Finding that Defendant violated the provisions of the federal securities laws as alleged herein;

II. Permanently restraining and enjoining Defendant from, directly or indirectly, engaging in conduct in violation of Section 10(b) of the Exchange Act [15 U.S.C. § 78j(b)] and Rule 10b-5 thereunder [17 C.F.R. § 240.10b-5];

III. Ordering Defendant to disgorge, with prejudgment interest, any ill-gotten gains received as a result of the violations alleged herein;

IV. Ordering Defendant to pay civil penalties pursuant to Section 21(d)(3) of the Exchange Act [15 U.S.C. § 78u(d)(3)];

V. Ordering that Defendant be prohibited from acting as an officer or director of any issuer that has a class of securities registered pursuant to Section 12 of the Exchange Act [15 U.S.C. § 78l] or that is required to file reports pursuant to Section 15(d) of the Exchange Act [15 U.S.C. § 78o(d)];

VI. Granting such other and further relief as this Court may deem just, equitable, or necessary.

Does the exchange act have a method for calculating the amount or is it usually a fixed figure (from a table or similar)? 

 

Grammar and spelling is not indicative of intelligence/knowledge.  Not having the same opinion does not always mean lack of understanding.  

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58 minutes ago, mr moose said:

What happens if he walks into court with a bank statement containing enough zeros to finalise the deal?

 

Does the exchange act have a method for calculating the amount or is it usually a fixed figure (from a table or similar)? 

 

I think if he can get a letter from someone with credible means like the Saudi sovern saying we promised musk to help take Tesla private that would be enough to clear his funding secured comment. And I don't think sec will seek to remove musk since that will hurt Tesla which in turn will hurt Tesla shareholders which is a bit counter productive when you are trying to protect them

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This case will be closed very fast due to the fact that a tweet has no legality.  If a CEO of any company says stupid things on social media that arent the company's official/legal decisions he may be fired as CEO for poor behaviour but cant be sued for fraud thats a stretch of the law.

In case of Musk they cant fire him. I think Musk needs some time off to cool his head and to be brought back on earth from his Mars mental adventures.

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1 hour ago, yian88 said:

This case will be closed very fast due to the fact that a tweet has no legality.  If a CEO of any company says stupid things on social media that arent the company's official/legal decisions he may be fired as CEO for poor behaviour but cant be sued for fraud thats a stretch of the law.

In case of Musk they cant fire him. I think Musk needs some time off to cool his head and to be brought back on earth from his Mars mental adventures.

So a CEO of a company just have to make a secret Twitter account and tweet to someone to facilitate legal insider trading. 

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