Musk to Fight for His Position in Tesla against SEC Law Suit

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SEC Law Suit

Elon Musk, who is the chairman and chief executive of Tesla is known for his witty comments on twitter, is currently facing charges by the US Securities and Exchange Commission SEC Law Suit. Elon is ready to fight against the US regulators who have asked the company to remove him from the leadership of the electric making vehicle company. Musk is all decked up to fight the fraud lawsuit which is imposed on him in the court. According to a source on Friday, the company’s share dropped 14 %.

Musk who is known to be the driving force behind the company and is involved in all of the major decision taken in the company is credited to raise capital in this loss making company. SEC Law Suit accused Elon on last Thursday regarding a tweet which they considered as false and mislead the crowd. The tweet stated financing his plan which he abandoned long back. In his defense, the billionaire stood upon his ground and said that he did not do anything wrong and the company’s board supported him.

On Friday The Wall Street Journal said that according to a source who is involved in the matter, Musk had a verbal deal with Saudi Arabia’s fund. This fund was supposed to make Tesla into private. Elon a blog last month said that walked away from a meeting which included the managing director of the fund. The meeting happened on July 31. Elon left the settlement meeting with the SEC at the very last minute.

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