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Re:SEC Sues Musk and Seeks Ban for His Tweets on Go-Private ... by sfifs on Thursday September 27, 2018 @09:21PM (#18090286)
He may have not insider traded but market manipulation is also a crime. It is on record that Elon was looking to hurt short sellers and making materially false statements about the company can be easily argued to be a criminal act used to do so.

SEC Act - Sec 9(a)2 It is unlawful... or raising or depressing the price of such security, for the purpose of inducing the purchase or sale of such security by others.

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