Musk’s tweet stating that he guaranteed funds for the proposed buyout sparked two lawsuits and a preliminary probe by the Securities and Exchange Commission, which is seeking proof that Musk had in fact secured financial backing. In a blog post that further seeks to make the case that Tesla should go private, Musk attempted to address his critics who have attacked his tweet and questioned whether he may have engaged in stock manipulation or securities fraud.

“The only way I could have meaningful discussions with our largest shareholders was to be completely forthcoming with them about my desire to take the company private,” he said in the blog post defending his Twitter announcement. “However, it wouldn’t be right to share information about going private with just our largest investors without sharing the same information with all investors at the same time. As a result, it was clear to me that the right thing to do was announce my intentions publicly."

This is a developing story.

Source:The Washington Post