Friday, 28 September 2018

Tesla shares fall after regulators launch Elon Musk lawsuit

Tesla shares have sunk after US regulators took legal action against co-founder Elon Musk for alleged securities fraud.

On Thursday the Securities and Exchange Commission filed a lawsuit over claims made last month by Mr Musk that he had funding to take the company private.

The billionaire boss of the electric carmaker called the action unjustified.

But the filing was a potentially serious blow for the company, which was already under financial strain.

Mr Musk has led the electric carmaker as chief executive since 2008, presiding over its rise into a company with a market value that rivals Ford and General Motors.

BBC     News.

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