Tesla stock price: Elon Musk sued by the SEC

Shares in Tesla Inc dived 11% after U.S. regulators accused chief executive Elon Musk of fraud and sought to remove him from his role in charge of the electric vehicle company.

Tesla's stock fell 12% to $270 a share on Friday.

"The SEC civil action may lead to Musk's exit from Tesla (either permanently or temporarily) and the Musk premium in the shares dissipating", Barclays analyst Brian Johnson said.

The US Securities and Exchange Commission could force Musk to step down as boss of his own company. But they were still informal talks that didn't justify Musk tweeting a week later that funding had been secured for a buyout at $420 per share. "Integrity is the most important value in my life and the facts will show I never compromised this in any way". Musk has said that he posted the go-private tweet while driving to the airport and that no one reviewed it.

The person, who asked not to be identified because the negotiations were private, said Friday that Musk rejected the offer because he didn't want a blemish on his record. The company's board reportedly held a telephone meeting the next night in which it urged Musk to contact investors about their interest in staying with Tesla as a private company and report back with his findings.

As it stands, Musk's future with Tesla remains unclear.

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Musk had a way to avoid going to court, and he didn't take it. According to CNBC, Musk could not accept that deal. Gene Munster, managing partner at Loup Ventures, believes there is a 50/50 chance Musk will remain as CEO after the matter is resolved "and an even greater chance he remains involved somehow with Tesla in any case". "If the SEC is granted its request to remove Musk, there's a question as to whether they're doing more to harm continuing shareholders or protecting them, at least in the eyes of the market", he wrote in a note to investors.

Tesla shares were down down less than 1% this year through Thursday.

The firm chided Tesla as a company "that has always over promised and under delivered".

In a statement, Tesla's board of directors said it remained "fully confident in Elon, his integrity, and his leadership of the company, which has resulted in the most successful US auto company in over a century".

Here are five things to know about the allegations being made by the SEC in a case that could spell the end of Musk's reign at the electric auto maker that he co-founded. Musk's nine-word tweet could be the most costly mistake he has ever made.

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