Elon Musk accused of fraud
The Securities and Exchange Commission has filed a lawsuit accusing Tesla boss Elon Musk of securities fraud.
The US financial regulator says Mr Musk's claims that he had secured funding to take the electric carmaker private were "false and misleading",.
It is seeking to bar Mr Musk from acting as an officer or director of a publicly traded company, BBC News reports.
Mr Musk called the action "unjustified" saying he acted in the "best interests of truth, transparency and investors".
"Integrity is the most important value in my life and the facts will show I never compromised this in any way," he said in a statement.
Mr Musk startled the business world last month when he took to Twitter to announce that he was considering a plan that would de-list the company from the stock exchange.
He wrote he had "funding secured" for the proposal, which would value Tesla at $420 per share.
The statements "created the misleading impression that taking Tesla private was subject only to Mr Musk choosing to do so and a shareholder vote", according to the SEC complaint, which was filed on Thursday in federal court in New York."In truth and in fact Musk had not even discussed, much less confirmed, key deal terms, including price, with any potential funding source," it said.
The 7 August tweets took even people within the company by surprise.
"Was this text legit?" the firm's head of investor relations wrote to Mr Musk's chief of staff, the complaint says.
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