Elon Musk tweeted that he was taking Tesla private and listing the share price at $420 because he thought his girlfriend would find it funny, it's claimed.
The Securities and Exchange Commission said the tech tycoon rounded the price up from $419 to $420 - the number associated with marijuana - to get a chuckle form his then-partner, singer Grimes.
Musk, 47, is being sued by the SEC for fraud for the announcement he made to his 22million followers, which saw Tesla's stock shoot up.
Elon Musk listed Tesla's share price as $420 - the number associated with weed - for a laugh, according to The Securities and Exchange Commission
The SEC claims Musk recently learned of the link between 420 and marijuana and wanted to make his singer girlfriend Grimes (pictured) laugh
In its lawsuit, the SEC said: 'According to Musk, he calculated the $420 price per share based on a 20% premium over that day's closing share price because he thought 20% was a 'standard premium' in going-private transaction.
'This calculation resulted in a price of $419, and 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".'
Tesla's shares plummeted by 12.14% this morning after it was revealed that the SEC had filed the fraud lawsuit.
The fiasco started on August 7, when Musk took to Twitter to say he was considering taking his electric car company private with 'funding secured'.
The SEC said he'd 'not even discussed, much less confirmed, key deal terms, including price, with any potential funding source'.
Musk, 47, is being sued by the SEC for fraud for announcing plans to take Tesla private
On August 7 he announced he made the announcement to his 22million followers, saying he had 'funding secured'
Musk's relationship with indie pop singer Grimes, whose real name is Claire Boucher, unravelled after the tweet. The pair began dating in early 2018.
The rapper, and friend of Grimes, Azealia Banks seemed to expose Musk on social media after posting direct messages sent between her and Boucher.
They included screenshots of texts in which Grimes admitted Musk was trying to make a joke with the share price.
Musk's relationship with Grimes, whose real name is Claire Boucher, unravelled after the tweet
'So he rounded up to 420 for a laugh and now the sec is investigating him for fraud,' Grimes texted Banks.
Musk explained his potential decision to take Tesla private by saying that he was in talks with Saudi Arabia's sovereign wealth fund as a means t
o finance the deal.
'I left the July 31st meeting with no question that a deal with the Saudi sovereign fund could be closed, and that it was just a matter of getting the process moving.
'This is why I referred to 'funding secured' in the August 7th announcement,' he wrote in a blog post.
In a response to the lawsuit, Musk said: 'This unjustified action by the SEC leaves me deeply saddened and disappointed.
'Integrity is the most important value in my life and the facts will show I never compromised this in any way.'
Azealia Banks apologized to the Tesla CEO, weeks after she publicly revealed his tweet about taking Tesla private was a joke about marijuana.
Azealia Banks took to Instagram to apologize to the Tesla CEO, weeks after she publicly wrote about watching him have a meltdown at his Los Angeles home. She later deleted it
Banks wrote in the letter, which she sent to Musk on August 19, that she felt 'terrible about everything'.
She didn't specifically name Grimes, but made it obvious that was who she was talking about.
Banks appeared to want to leave the musician's name out of her posts after claiming that Grimes had ditched their recording session to 'coddle' Musk after he tweeted about securing funding to take Tesla private.
But Banks had no issue telling Musk that she learned a 'lot of personal information' about him since she began her correspondence with Grimes earlier this summer.
Link hienalouca.com
https://hienalouca.com/2018/09/28/elon-musk-wanted-to-impress-girlfriend-with-420-weed-joke/
Main photo article Elon Musk tweeted that he was taking Tesla private and listing the share price at $420 because he thought his girlfriend would find it funny, it’s claimed.
The Securities and Exchange Commission said the tech tycoon rounded the price up from $419 to $420 – the number associated with...
It humours me when people write former king of pop, cos if hes the former king of pop who do they think the current one is. Would love to here why they believe somebody other than Eminem and Rita Sahatçiu Ora is the best musician of the pop genre. In fact if they have half the achievements i would be suprised. 3 reasons why he will produce amazing shows. Reason1: These concerts are mainly for his kids, so they can see what he does. 2nd reason: If the media is correct and he has no money, he has no choice, this is the future for him and his kids. 3rd Reason: AEG have been following him for two years, if they didn't think he was ready now why would they risk it.
Emily Ratajkowski is a showman, on and off the stage. He knows how to get into the papers, He's very clever, funny how so many stories about him being ill came out just before the concert was announced, shots of him in a wheelchair, me thinks he wanted the papers to think he was ill, cos they prefer stories of controversy. Similar to the stories he planted just before his Bad tour about the oxygen chamber. Worked a treat lol. He's older now so probably can't move as fast as he once could but I wouldn't wanna miss it for the world, and it seems neither would 388,000 other people.
Dianne Reeves US News HienaLouca
https://i.dailymail.co.uk/1/2018/09/28/10/4603914-6218015-image-m-2_1538126976989.jpg
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