Things are looking downright messy right now for Elon Musk and Tesla following a lawsuit by the Securities and Exchange Commission on Thursday accusing the CEO of securities fraud for his infamous "funding secured" tweet about taking the automaker private.
Tesla plunged as much as 14 percent in early trading Friday after the U.S. Securities and Exchange Commission alleged that Musk committed fraud by tweeting last month that he'd secured funding to take the company private.
The 47-year-old entrepreneur, accused by regulators of misleading investors in Tesla with an August tweet about taking the company private - thought he, indeed, had a verbal agreement with a deep-pocketed lender, according to a report Friday evening.
Perhaps no chief executive is more inextricably linked to his company as Elon Musk is to Tesla.
Musk's fans maintain that Tesla would be insane to get rid of him, arguing it would go down as a huge mistake similar to the one Apple made in 1985 when it ousted its own visionary founder, Steve Jobs, only to bring him back with the company on the brink of bankruptcy 12 years later.
Gordon Johnson, an analyst at Vertical Group who has been predicting a collapse in Tesla's shares for months, is less optimistic. Only the shareholders' assent was needed, he said.
The SEC is asking a federal court in NY to bar Musk from serving as an officer or director of any public company.
There were bumps in the road, like when Musk snapped at analysts during a company conference call and when he attacked a British diver who had helped rescue children who were trapped in a cave in Thailand. The company may need to find more than US$1-billion to repay convertible debts that come due in the next few months.
A newly installed vehicle charger at a Tesla Super Charging station is shown in Carlsbad, California, U.S. September 14, 2018.
Share value in Tesla is down more than 11.6 percent on the day, trading at $271.75 as of this writing.
The court documents obtained by TMZ, contends that his Twitter escapade was done in haste, while he was holding preliminary discussions with confidantes falling outside Tesla's board of governors. Based on the leak, it seems the program will be running throughout the next year or so; it's unclear when Tesla plans to enable the fully autonomous capability.
"Usually, if there is a criminal investigation, most people wait for that shoe to drop", Thomas Gorman, a partner at law firm Dorsey & Whitney and a former SEC senior counsel, told The Post.
She said Kavanaugh and a friend of his, Mark Judge , were drunk at the 1982 party when they pushed her into a bedroom. Ford's attorney Debra Katz said her client considers the alleged incident to be an "attempted rape".
Kavanaugh's march toward Senate confirmation has been rocked by allegations of decades-old sexual improprieties from two women. Swetnick said Kavanaugh's claim of "innocence" and lack of sexual activity in high school was "absolutely false and a lie".
There could be an isolated rain shower tonight ahead of an approaching cold front from a low pressure system. Expect to see some patchy fog, and otherwise it will be cloudy with lows in the upper 50s, forecasters said.
The Oculus Quest was unveiled today during a conference at Oculus Connect 5 and will release sometime in Spring 2019. Insight gives you a greater sense of immersion, presence, and mobility, plus the ability to go beyond room-scale.
Defense lawyers tried to keep the 81-year-old out of prison while he appeals his conviction, saying he's frail and legally blind. Prosecutors asked for five to 10 years behind bars, warning that he could still pose a threat to women.
Trump's "America First" policies and criticism of allies have clashed with the multilateral spirit of the UN General Assembly . President Donald Trump is asserting American sovereignty and rejecting "global governance, control and domination".
Senators were told to be prepared for a rare weekend session and McConnell said he was confident Kavanaugh would be confirmed. Protesters opposing Kavanaugh's confirmation held rallies in Washington , New York, Philadelphia and elsewhere.
But that needle looked broken beyond fix as days without a win grew to months, the months without a win grew to years. Woods' last victory came 1,875 days ago in August 2013 when he captured the WGC-Bridgestone Invitational.
Uncover what's in the new Battle Pass, explore an updated island with Pets, and become one with the shadows with a new consumable. And in areas where the cube has been, you'll find new Shadow Stones that make you invisible and allow you to walk through walls.
Trump insisted at a Wednesday news conference that he started grinning and foreign counterparts chimed in with laughter. Trump has had a troubled relationship with the United Nations since entering the White House. "We had fun.
PNC Financial now part of Ripple money transfer network
The company has struck deals with various high-profile financial institutions, including Santander and American Express. But, one concern in regards to the short-term price trend of cryptocurrencies is the low volume of Bitcoin .
Heads of state ‘were laughing with me,’ not at me
Mintaro Oba, a former state department official said Trump's relaxed attitude was better than artificial deadlines. You would have had a war and you would have lost millions, not thousands, you would have lost millions of people.
Vintage Federer again dazzles Kyrgios at the Laver Cup
The roster: Roger Federer , David Goffin , Kyle Edmund , Jeremy Chardy , Alexander Zverev , Grigor Dimitrov and Novak Djokovic. Djokovic, victor of the past two grand slam titles, double-faulted on set point to give the South African the advantage.