The Securities and Exchange Commission said the tech tycoon rounded the price up from $419 to $420 – the number associated with marijuana – to get a laugh form his then-partner, singer Grimes. Musk, 47, is being sued by the SEC for fraud for the announcement he made to his 22million followers, which saw Tesla’s stock to shoot up. In its lawsuit, the SEC said: ‘According to Musk, he calculated the $420 price per share based on a 20% premium over that day’s closing share price. This calculation resulted in a price of $419, and Musk stated that he rounded the price up to $420 because he had recently learned about the number’s significance in marijuana culture and thought his girlfriend “would find it funny, which admittedly is not a great reason to pick a price”.’ Musk’s relationship with indie pop singer Grimes, whose real name is Claire Boucher, unravelled after the tweet. The pair began dating in early 2018. Tesla’s shares plummeted by 12.14% this morning after it was revealed that the SEC had filed the fraud lawsuit.
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