Tesla's Musk pulled plug on settlement with SEC at last minute

Tesla and the Securities and Exchange Commission were very close to a no-guilt settlement Thursday, reported CNBC's Andrew Ross Sorkin on Friday, citing sources. But, these people say Musk pulled out of the agreement at the last minute.

The SEC sued Tesla Thursday afternoon for fraud over Musk's previous comments on social media that he intended to take Tesla private and had already secured the funding.

Elon

Shares of Tesla were down more than 11 percent Friday morning before the market opened.

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