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The Securities and Exchange Commission sues Elon Musk for fraud willing to remove him from his role in charge of the electric car company

According to Reuters, The U.S. Securities and Exchange Commission accused Tesla’s Chief Executive Elon Musk of fraud in his official Twitter account. The regulator sues Musk for the series of tweets in which he announced that the company goes private.

As was also stated by the article, Elon Musk responded to SEC accusation by saying that he was deeply saddened and disappointed by the unjustified action of U.S. regulator.

Despite the rash actions of Tesla’s public face that led to a strong fall in the price of shares, the board and most of the investors of the company still remains fully confident in Elon Musk. In the recent tweet, Musk expressed gratitude to his supporters.

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