SEC sues Elon Musk for securities fraud, seeks to bar CEO from running a public company

The U.S. Securities and Exchange Commission has sued Elon Musk, alleging the Tesla CEO committed fraud.

The lawsuit was filed in the U.S. District Court in Manhattan Thursday, according to Bloomberg. Tesla shares sank more than 10 percent in after-hours trading on Thursday.

“The suit seeks an order barring Musk from serving as an officer or director of a public company, a request often made in SEC lawsuits. The suit doesn’t name Tesla as a defendant,” Bloomberg reported.

SEC investigators have…