The Securities and Exchange Commision is seeking to ban Tesla’s CEO and Co-Founder Elon Musk from representing the Company.
According to them, Elon Musk’s claims of securing funds to privatize the Company were false and misleading, The SEC is also seeking financial penalties for the declaration.
The lawsuit has been filed on Thursday at a Federal Court in Manhattan and Tesla’s shares have dropped a whopping 10% after this announcement.
