Tesla Inc CEO Elon Musk: Tesla Inc CEO Elon Musk on Thursday targeted the US securities regulator. He has called Securities and Exchange Commission (SEC) officials a “bastard” over allegations of fraud over tweets about the company being made private in 2018.
On Thursday, Musk made an offer of $ 43 billion to acquire social media company Twitter Inc. Simultaneously, Musk put forward his complaints related to the SEC during an address at the TED conference in Vancouvr.
Was forced to obey the SEC
The world’s richest man said at the time of the tweets that the funding to privatize his electric car company was secure, but that the agency “still continued its investigation.” Musk told the audience, “Thus, I was forced to wrongly obey the SEC. They are bastards.”
Banks had also threatened
Musk said he was forced into a settlement with the SEC after banks threatened to freeze capital deliveries. Had he not done so, Tesla would have gone bankrupt.
It was like holding a gun to your child’s head, Musk said. “I was forced to admit that I lied to save Tesla and that’s the only valid reason,” Musk said.
Musk was fined 2 crores
Musk and Tesla were both fined Rs 2 crore, and Musk resigned as Tesla’s chairman on August 7, 2018 until the SEC’s claims were settled. The SEC said there were “factually insufficient grounds” for the tweets linked to his funding.
An SEC spokesperson has yet to comment on the matter.
Musk rejected Twitter’s request to join its board last Saturday after it announced a 9 per cent stake. However, according to securities experts, he should have disclosed it after holding more than 5 per cent and is expected to initiate a regulatory probe against him.