Tesla boss Elon Musk says he is “deeply saddened” as he is sued for fraud over his tweets about potentially taking the electric car company private.

The US securities and exchange commission (SEC) has filed a lawsuit against Tesla’s chief executive accusing him of securities fraud.

In its complaint, the regulator says Mr Musk made a series of “false and misleading” tweets and he “knew or was reckless in not knowing” that he was misleading investors.

It also seeks to bar him from running public companies, which would include Tesla, as well as impose a fine.

Responding to the lawsuit, Mr Musk said: “This unjustified action by the SEC leaves me deeply saddened and disappointed.

“I have always taken action in the best interests of truth, transparency and investors… and the facts will show I never compromised this in any way.”

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