• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 15 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 18 hours The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 4 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 19 hours Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 1 day Biden Sets Target Of 50% EV Share In U.S. Car Sales In 2030
  • 5 hours US intel warns China could dominate advanced technologies By NOMAAN MERCHANT October 22, 2021
  • 22 hours "The Hidden Story About California's Container Ship Backlog" via Corbett Report
  • 4 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 15 hours Storage of gas cylinders
  • 3 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.

SEC Charges Elon Musk With Fraud Over ‘Funding Secured’ Tweets

The U.S. Securities and Exchange Commission (SEC) charged on Thursday Elon Musk with securities fraud for a series of false and misleading tweets about taking Tesla private at $420 per share and for claiming “funding secured” for a potential deal. The SEC press release also calls for “a bar prohibiting Musk from serving as an officer or director of a public company.”

Musk has recently drawn a lot of attention after saying on August 7 that he would take Tesla private, only to backtrack on that proposal two weeks later. Tesla will stay public, Musk said on August 24, ending more than two weeks of speculation and calculation about how much a go-private deal would cost and who could be involved in it.

“Musk’s statements, disseminated via Twitter, falsely indicated that, should he so choose, it was virtually certain that he could take Tesla private at a purchase price that reflected a substantial premium over Tesla stock’s then-current share price, that funding for this multi-billion dollar transaction had been secured, and that the only contingency was a shareholder vote. In truth and in fact, Musk had not even discussed, much less confirmed, key deal terms, including price, with any potential funding source,” the SEC said in the complaint filed in federal district court in the Southern District of New York.

After the complaint was filed, Steven Peikin, co-director of the SEC’s Division of Enforcement, said at a press conference on Thursday:

“We allege that Musk had arrived at the price of $420 by assuming a 20 percent premium over Tesla’s then-existing share price, and then rounding up to $420 because of the significance of that number in marijuana culture and his belief that his girlfriend would be amused by it.”

Related: What Explains The Bizarre Price Surge In Oman Crude?

The complaint “alleges that Musk violated antifraud provisions of the federal securities laws, and seeks a permanent injunction, disgorgement, civil penalties, and a bar prohibiting Musk from serving as an officer or director of a public company,” the SEC said in a statement.

The SEC’s complaint was filed after Musk and his legal team decided in the last minute that they would fight the charges rather than settle them with the SEC, which had already drafted a settlement agreement, The Wall Street Journal reported, quoting people familiar with the issue.

In a statement commenting on the SEC charge, Musk said that “This unjustified action by the SEC leaves me deeply saddened and disappointed. 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.”

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News