Musk was sued by the SEC for the privatization storm, and Tesla's stock price fell more than 13% after the market

On September 27, Eastern Time, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Musk over Tesla's previous privatization. The SEC stated in the accusation that Musk issued false and misleading statements and did not notify regulators of major company events, requiring Musk to be prohibited from serving as an executive or director of a listed company.

Influenced by the accusation, Tesla's stock price fell, falling more than 13% after the market, reaching its lowest point in more than two weeks.

On August 7, Musk tweeted that he was considering taking Tesla private at $420 per share and that the funds were in place. Tesla's stock price soared that day, up more than 10%. But on August 24, Musk announced the cancellation of the privatization plan.

This has become the key to the SEC's accusation against Musk. The SEC's lawsuit filed in Manhattan federal court claims that Musk's tweet in August was a fabrication of facts. The SEC said that Musk had not even discussed key transaction terms, including price, with any potential financing sources at the time, let alone confirmed them.

The SEC accused Musk of making false and misleading tweets, and that his inappropriate remarks disrupted the market and harmed investment interests. The SEC said in the complaint that it hoped the court would make multiple judgments and penalties against Musk, and requested that Musk be prohibited from serving as an executive or director of a listed company.

Musk called the SEC's fraud allegations "without merit" and said he acted in the best interest of investors, CNBC reported.

Musk claimed that "I am deeply saddened and disappointed by this unjustified action taken by the U.S. Securities and Exchange Commission. I have always acted in the best interests of truth, transparency, and investors. Integrity is the most important value in my life."

In addition to the above allegations, the SEC also investigated the actual situation of Tesla's Model 3 production capacity. A Tesla employee revealed that Musk's announcement of a production capacity of 5,000 vehicles per week was not true.

As a winner of Toutiao's Qingyun Plan and Baijiahao's Bai+ Plan, the 2019 Baidu Digital Author of the Year, the Baijiahao's Most Popular Author in the Technology Field, the 2019 Sogou Technology and Culture Author, and the 2021 Baijiahao Quarterly Influential Creator, he has won many awards, including the 2013 Sohu Best Industry Media Person, the 2015 China New Media Entrepreneurship Competition Beijing Third Place, the 2015 Guangmang Experience Award, the 2015 China New Media Entrepreneurship Competition Finals Third Place, and the 2018 Baidu Dynamic Annual Powerful Celebrity.