SEC lawsuit: Elon Musk committed securities fraud

Elon Musk, CEO of Tesla, with a Model S car. Photo: Reuters, 2016

The Securities and Exchange Commission filed a lawsuit against entrepreneur Elon Musk alleging securities fraud. The complaint hasn't yet been made publicly available, but likely centers on his harebrained tweeting about taking the company private with foreign money.

Tesla shares are down 5.7%, reports Reuters. That's about $307, as of 4:20 p.m. Eastern time today.

AMAZING UPDATE: