Read the SEC’s full fraud complaint against Tesla CEO Elon Musk

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The Securities and Exchange Commission (SEC) on Thursday charged Tesla CEO Elon Musk with securities fraud over "a series of false and misleading tweets" about potentially taking Tesla private.

This isn't the only investigation that Musk is now facing, as the Justice Department is reportedly looking into whether Musk misled investors with those tweets.

The Securities and Exchange Commission announced on Thursday that it's suing Musk over a recent tweet where he claimed to have secured financing to take Tesla private.

The SEC case, filed in NY this afternoon, alleges the Tesla billionaire made "false and misleading statements" in his now infamous 7 August tweet.

The SEC officially opened a case against Musk, according to a docket entry in the Manhattan federal court.

Musk made it seem "that funding for this multi-billion dollar transaction had been secured, and that the only contingency was a shareholder vote", the complaint states.

Securities regulators have accused Tesla CEO Elon Musk of misleading investors with false statements, in a move that could result in his removal from the electric auto company he helped launch 15 years ago.

Musk tweeted back in August that he considers taking Tesla private, following several meetings with representatives from the Saudi Arabian sovereign wealth fund that lead to him being under the impression that the Saudis would financially back such a move.

The Justice Department is also looking into whether Musk misled investors, Bloomberg News has reported.

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Shares fell about 10 per cent in after-hour trading on news of the lawsuit.

Elon Musk has been accused of fraud in a lawsuit that could see him banned from being the boss of Tesla - or any other publicly-traded company.

The SEC said Musk's statements on Twitter were "false and misleading" and that he had never discussed the plans with company officials or potential funders.

Musk has denounced the lawsuit as "unjustified action", dismissing the allegations and saying that he has "always taken action in the best interests of the truth, transparence and investors".

CNBC has many more details about the SEC lawsuit; check them out here.

The SEC has scheduled a press conference for 5 p.m.

It also claims he "knew or was reckless in not knowing" that his statements were false and/or misleading.

Musk issued a statement via Tesla reacting to the SEC's complaint.

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