Elon Musk reportedly backed out of SEC deal at the last second

The prospect that Elon Musk could lose his job as Tesla Inc. In a now infamous tweet he wrote: "Am considering taking Tesla private at $420".

The agency says in a complaint filed Thursday that Musk falsely claimed in an August 7 statement on Twitter that funding had been secured for Tesla Inc.to go private at $420 per share, a substantial premium over the stock price at the time. The regulator is seeking to bar Musk from serving as an officer or director of a public company.

'We are concerned that decreased confidence in Tesla on the part of investors may impact the company's ability to raise capital on amenable terms, ' Brinkman said.

"This unjustified action by the SEC leaves me deeply saddened and disappointed", Musk said in a statement provided to The Drive.

For the billionaire entrepreneur, it was the latest self-inflicted wound from a series of auto crashes that have battered Tesla's share price and Musk's reputation. But they were still informal talks that didn't justify Musk tweeting a week later that funding had been secured for a buyout at $420 per share.

Fund representatives expressed interest in taking Tesla private and asked about building a factory in the Middle East, Musk told the SEC.

Jonas reiterated his equal-weight rating and $291 price target for Tesla shares.

Musk recently smoked a marijuana joint during an interview. The lawsuit also accuses Musk of picking a $420 stock price because "he had recently learned about the number's significance in marijuana culture and thought his girlfriend 'would find it amusing, which admittedly is not a great reason to pick a price'".

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Musk's out-of-the-blue move apparently blindsided Tesla's chief financial officer, Deepak Ahuja, forcing him to scramble to minimize the havoc that he immediately recognized had been wrought by his CEO.

Elon Musk smoking weed on "The Joe Rogan Experience". Musk apparently texted back: "Yeah, that would be great".

After Tesla published Musk's blog post elaborating on his initial tweet, the company's head of investor relations continued to perpetuate the notion that Musk had locked up the financing for a deal that probably would have cost anywhere from $25 billion to $50 billion to pull off.

Four early research notes from Wall Street analysts and brokerages all said that Musk might have to resign.

"The point is, there's always this carrot that Elon Musk is dangling out in the future of something that is going to take this company to nirvana, if you will, and he consistently misses it", he said.

Who will get burnt in the end?


The Journal said the SEC had "crafted" the settlement with Musk.

The complaint notes that Musk hinted that the short sellers were about to be seriously hurt in a May 4 tweet that warned: "Oh and uh short burn of the century comin soon".

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