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.
Am considering taking Tesla private at $420. Funding secured.
— Elon Musk (@elonmusk) August 7, 2018
Tesla shares are down 5.7%, reports Reuters. That's about $307, as of 4:20 p.m. Eastern time today.