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Tesla shares plummet after SEC files fraud charges against Elon Musk

Kirsten Korosec
Tesla shares plummet after SEC files fraud charges against Elon Musk

Tesla shares dropped more than 13 percent in after-hours trading Thursday after the Securities and Exchange Commission filed securities fraud charges against CEO Elon Musk . The SEC alleges in a complaint filed against the CEO that Musk lied when he tweeted on August 7 that he had "funding secured" for a private takeover of the company at $420 per share. The SEC, which said the tweets led to "significant market disruption," is seeking civil penalties without noting an amount and to bar Musk from serving as an officer or director of a public company.

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