The Securities and Exchange Commission today charged Elon Musk, CEO and Chairman of Silicon Valley-based Tesla Inc., with securities fraud for a series of false and misleading tweets about a potential transaction to take Tesla private.

On September 27, 2018, the Commission filed a complaint (the “Musk Complaint”) against Elon Musk, the CEO of Tesla, Inc. (“Tesla”). The Musk Complaint alleged that on August 7, 2018, Musk made a series of false and misleading statements regarding taking Tesla, a publicly traded company, private.

On Thursday, September 27, the SEC charged Musk with misleading investors based on tweets that he posted in early August in which he suggested he was considering taking Tesla private at the price of $420 per share.

The SEC asked a judge to hold CEO Elon Musk in contempt for violating a settlement deal. Musk responded and called SEC’s oversight “broken” in tweet. Shares of Tesla (TSLA) closed down less than 1% after dipping as much as 4%.

Tesla and the SEC settled an enforcement action in 2018 that alleged a series of Musk’s tweets about a potential buyout of Tesla amounted to fraud. Musk personally paid $20 million and Tesla paid an additional $20 million.