In August 2018
, Elon Musk had used his Twitter account to claim that he had "funding secured" to take his company Tesla private at a price of $420 per share. While the information was manipulated and not completely true, the effect of his statement was very true.
Musk was challenged by the
Securities and Exchange Commission (SEC) and was charged with securities fraud the next month. While the two sides reached to a
quick settlement, Musk had to step down from his position of Chairman of Tesla.
He was also asked to get all his public communications (mainly, Twitter) checked and approved by his team of lawyers. In addition to this, the tech billonaire was fined $40 million.