Elon Musk sued by SEC for Tesla privatization tweet

UPDATE: Sept. 27, 2018, 2:24 p.m. PDT The U.S. Securities and Exchange Commission held a press conference Thursday afternoon after filing a suit against Elon Musk. More details about the suit and a statement from Musk have been included in the article below.

Tesla CEO Elon Musk is feeling the heat for a tweet he posted last month. The U.S. Securities and Exchange Commission filed a suit against him Thursday in U.S. District Court in the Southern District of New York for securities fraud.

The tweet that led to all this was Musk mulling buying out his publicly traded electric car company. He said he had "funding secured." Read more...