Friday, September 28, 2018

SEC: Elon Musk's $420 Price Point Was a Weed Reference

The SEC has filed a complaint against Elon Musk for securities fraud, accusing Musk of making false or misleading statements about taking Tesla private at $420 per share.

The complaint details what the SEC contends are the false and misleading statements, and it also contains this tidbit:

"Musk stated that he rounded the price up to $420 because he had recently learned about the number's significance in marijuana culture and thought his girlfriend 'would find it funny, which admittedly is not a great reason to pick a price.'"

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