The US Securities and Exchange Commission (SEC) has filed fraud charges against Elon Musk, the outspoken chief executive of Tesla.
The SEC is seeking to prevent him from running any publicly-traded company.
The organisation filed the suit in the US District Court for the Southern District of New York, and relate to Musk’s August announcement that he wanted to take Tesla private for $420 a share.
The announcement was made on Twitter, and read: “Am considering taking Tesla private at $420. Funding secured.”
The SEC is also saying that Musk made several other “false and misleading” statements on Twitter that same day.