Tesla CEO Elon Musk Accused of Securities Fraud By SEC For August Tweets [VIDEO]

Tesla founder and CEO Elon Musk is being sued by the Securities and Exchange Commission for securities fraud. Musk is being accused of misleading investors in a series of tweets published in August. See the tweets below.

After the series of tweets, the SEC approached Musk with the information citing fraud, a charge he denies. Musk was offered a deal to pay a fine and step down temporarily as chairman of Tesla. Musk declined to take the offer prompting the SEC lawsuit.

Tesla has seen success with its line of innovative vehicles since its founding in 2003. Musk has been leading the company since its founding. The charges by the SEC could lead to the removal of Elon Musk as CEO of the company.

“Corporate officers hold positions of trust in our markets and have important responsibilities to shareholders,” Steven Peikin, Co-Director of the SEC’s Enforcement Division said in a statement.  “An officer’s celebrity status or reputation as a technological innovator does not give license to take those responsibilities lightly.”

WATCH: The SEC held a press conference to discuss the charges against Musk. Video courtesy CNBC.

 

Monica Link

Monica Link

Monica Link, Publisher and Editor for New York City Wired, is a New York City-based multi-media journalist, entrepreneur and performer producing media including content, stage, film and events. Her resume includes interviews with celebrities, New York Times bestsellers, executives and fashion designers. Ms. Link is the founder of Link4Productions Media and Entertainment. The production company has produced sold out events with thousands of attendees, live theater written and produced by Monica Link, and technology and fashion media websites New York City Wired and Snobby Diva. Her performance credits include singing soprano with a Stellar Award nominated choir and theater stage actress. Monica also writes and serves as on on-air journalist. Her media writing and on-air work include Bold TV, National Mortgage News, Tribes art reviews, and the New York Observer.