Tesla CEO Elon Musk Calls US Regulator’s Accusations of Fraud ‘Unjustified’

Tesla founder Elon Musk has refuted the US Securities and Exchange Commission’s (SEC) accusations against him of making false and misleading statements to the company’s investors, calling them unjustified.

“This unjustified action by the SEC leaves me deeply saddened and disappointed … I have always taken action in the best interests of truth, transparency and investors. Integrity is the most important value in my life and the facts will show I never compromised this in any way,” Musk said in a statement to the CNBC broadcaster on late Thursday.

On Thursday, SEC filed a lawsuit against Musk for fraud, citing his public statements on taking the company private. The regulator among other recommendations has asked a federal judge to prevent Musk from serving as a head of a public company.

On August 7, Tusk via Twitter said he could take the California-based company private at a price of $420 per share just as the stock was trading at around $358 per share. Tesla’s stock price increased by more than six percent from the time of Musk’s tweet until the close of trading that day on the NASDAQ exchange.

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