 Hey guys, how you doing? This is Rich from RichTVLive. We have some breaking news and this is not good news for Tesla. This is breaking news. Tesla stock tumbles on news that the SEC Reportedly sues Ellen Elon Musk. Wow! Are you kidding me? Tesla stock tumbles on news that the SEC reportedly sues Elon Musk. Let's see how this is affecting the market. Now remember, you can go to RichTVLive and find all the tools you need right there under stocks, just hover over stocks, and if we go to bar charts, let's check bar chart first, and let's take a look at Tesla. Let's see what's happening here aftermarket. Let's see if this shows us the aftermarket trades. BAM! So you can see they are down heavily 11% already on this news and going down fast. Huge news. Tesla stock tumbling now that the SEC wants to sue Elon Musk. While Elon Musk attempted to take Tesla private is long gone. It is still haunting the CEO and now his investors are feeling the consequences. Tesla TSLA stock tumbled on the news that the SEC is reportedly suing Musk. There have been rumors of Tesla and Musk being under a probe from the SEC and the DOJ, the Department of Justice, over the way he handled the attempt to make the company private. Specifically, they see an issue with Musk's claims that the funding was secured before announcing the move. What didn't that be called insider trading? Wow, wow, wow, wow. Wow, wow, wow, wow. His exact tweet was and considering taking Tesla private at $420 funding secured. Today Bloomberg reports on its news terminal that the SEC has now officially opened a case against Musk. The Securities and Exchange Commission has opened a case against Tesla Inc. Chief Executive Officer Elon Musk according to a docket entry in Manhattan Federal Court. Bloomberg News reports they are accusing Musk of making a series of false and misleading statements. The agency is reportedly holding a press conference later today about the lawsuit. The SEC wrote in the complaint, Musk has made his false and misleading public statements about taking Tesla private using his mobile phone in the middle of active trading day. He did not discuss the content of the statements with anyone else prior to publishing them to his over 22 million Twitter followers and anyone else with access to the internet. He also did not inform Nasdaq that he intended to make this public announcement as Nasdaq rules required. The stock took a 5% now 11% hit in after market trading after the news was reported. We've contacted Tesla about the report and we updated this post if they respond. Here's the full complaint filed by the SEC. This is the full official complaint. United States District Court Southern District of New York, United States Securities and Exchange Commission plaintive versus Elon Musk Defendant Civil Action No. 1-18-CV-8865 jury trial demanded, whoa, complaint, plaintive, United States Securities and Exchange Commission. The commission alleges as follows and it's a 23 page document. My goodness. I'm not going to go through the whole document, but what I'm going to say is if you're in Tesla, be very careful. Tomorrow should be very ugly. I hope it recovers from this news. I don't know. I don't own any Tesla, but a lot of people were pushing Tesla saying this is a stock to buy. I told everybody it is not a stock to buy in my community because they are most likely going to be sued by the SEC based on what Elon Musk said publicly and I was 100% correct. I didn't want to be right about this, but I know the way it works and unfortunately Tesla is now under investigation and Elon Musk is personally being sued by the Securities and Exchange Commission. You heard it here first from your boy Rich. Now remember, Rich TV Live is strictly for education entertainment purposes. Always do your due diligence. Always do your research before you invest in anything that we talk about here on Rich TV Live. It's now at 278, down 9% so it's bouncing up and down, but it is read based on this news. If you want to find out all the details, you want to find the news, just go to www.richtvlive.com, hover over stocks. All the tools are there. Follow all the breaking news right there and if you want to join our social media community that is free, just go to secret stock picks group, click there. You can join our group chat on Slack, our Discord group for 24-hour day, seven days a week, free investment community to learn and educate yourself about the markets. If you have any questions, you have any picks you want to share, share your picks. We will respond as quickly as possible. We were growing so quickly. Thank you for all your support. We've just broken 15,000 subscribers on YouTube. Thanks to you, the people, the freedom fighters, you want freedom. Let's look at Tesla now down 10% at 275 on this breaking news. Tesla stock tumbles on news that the SEC reportedly sues Elon Musk. This is your border, Rich. If you're not winning, you're not watching. I'm up. Peace.