The SEC tends to go after high-profile cases such as Musk's to set an example and send a message to other executives who may view Twitter as a platform for disclosures. (Photo: Patrick T. Fallon/Bloomberg)
Elon Musk is not the only person guilty of oversharing on Twitter. But he may the first person to be targeted by the U.S. Securities and Exchange Commission because of it.
The SEC sued Tesla's founder and chief executive officer in the U.S. District Court for the Southern District of New York on Thursday, claiming Musk made “false and misleading” statements in his Aug. 7 tweets, and called for his removal as CEO. In the tweets, Musk claimed he had funding secured to take Tesla private at $420 per share.
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Caroline Spiezio
Caroline covers the intersection of tech and law for Corporate Counsel. She's based in San Francisco. Find her on Twitter @CarolineSpiezio.
