https://techcrunch.com/2018/09/27/tesla-shares-fall-more-than-10-after-sec-fraud-charges-against-elon-musk/ > Tesla shares dropped nearly 10 percent in after-hours trading after the Securities and Exchange Commission filed charges against CEO Elon Musk . > A docket entry in Manhattan federal court shows the SEC has opened a case against Musk. The SEC alleges that Musk lied when he tweeted on August 7 that he had “funding secured” for a takeover of the company at $420 per share.