Report: Feds investigating whether Musk’s buyout tweet broke the law
by Timothy B. Lee from Ars Technica - All content on (#3WEKD)
Enlarge / Elon Musk speaks at the 68th International Astronautical Congress 2017 in Adelaide on September 29, 2017. (credit: PETER PARKS/AFP/Getty Images)
The Securities and Exchange Commission is investigating whether Tesla CEO Elon Musk broke federal law on Tuesday when he tweeted about plans to take Tesla private at a price of $420 per share, The Wall Street Journal is reporting.
"Am considering taking Tesla private at $420," Musk tweeted on Tuesday. "Funding secured."
US law makes it a crime to "spread false or misleading information about a company" with the intent of manipulating its stock price, according to the SEC.
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