The US Securities and Exchange Commission (SEC) is charging the South African American billionaire for tweeting about taking Tesla private, at $420 a share.
The SEC wants Musk banned from serving as an executive or director of any public company.
It says that Musk misled investors and lied about having funding secured.
The SEC alleges that Musk arrived at the price of $420 per Tesla share because of the significance of the number in marijuana culture and to impress his girlfriend, the musician Grimes.
This is a breaking story, more to follow.
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