Musk suggested in August that he was preparing to take Tesla private and claimed he had ‘funding secured’

Elon Musk and Tesla have been sued by the Securities and Exchange Commission (SEC) for fraud, over the company’s aborted plans to take the electric car company private.

The move could potentially lead to Musk being banned from leading a public company or fines for both him and the company. Shares of the automaker fell more than 4% in after hours trading Thursday once the news had broken.

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