EnergyWatch

SEC seeks to remove Musk as Tesla shares plummet

The US Securities and Exchange Commission (SEC) is suing Tesla CEO Elon Musk for defrauding investors.

Photo: Kiichiro Sato/AP

US electric vehicle manufacturer Tesla could see its CEO removed. The US Securities and Exchange Commission (SEC) will ask a judge to bar Elon Musk from serving as CEO from a publicly listed company. A "deeply saddened" and "disappointed" Musk rejects the accusation.

"I have always taken action in the best interests of truth, transparency and investors," he said in a statement according to Bloomberg.  "Integrity is the most important value in my life and the facts will show I never compromised this in any way."

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