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IPFS News Link • SEC-Securities Exchange Commission

Tesla's Elon Musk Makes Big Money Due To SEC Funding Secured Agreement

•, Steven Loveday

If you follow the EV segment, and especially Tesla, you probably know all about the "420" situation, or should we say "funding secured"? Just in case it doesn't ring a bell, we'll briefly explain.

Basically, back in August 2018, Tesla CEO Elon Musk tweeted that he was considering "taking Tesla private at $420." This was followed by the words "funding secured." It was those two words that ended up getting the CEO in hot water with the SEC.

Tesla is up against a massive network of stock short-sellers who are not only hoping the company will fail, but working hard to encourage its failure. Musk and Tesla have dealt with the group's abuse and negativity for years, so it made perfect sense for the CEO to hope to take Tesla private. However, apparently the funds to do so weren't quite "secured."