*By Kavitha Shastry*
Shares of Tesla ($TSLA) dropped more than 10 percent after hours Thursday after the SEC filed securities fraud charges against CEO Elon Musk.
In a complaint filed in federal court in Manhattan, the agency said Musk either "knew or was reckless in not knowing" that a series of statements he made about taking his company private were false or misleading.
Elon Musk responded to the allegations in a statement to Cheddar saying, "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. Integrity is the most important value in my life and the facts will show I never compromised this in any way."
The SEC's charges stemmed from a [tweet](https://twitter.com/elonmusk/status/1026872652290379776) by Musk on August 7 that he had "funding secured" for a deal that would value the company at $72 billion. The post sent shares of the stock surging to 11-month highs, but an admission by Musk a few days later that he hadn't quite sealed a deal with a Saudi sovereign wealth fund ー followed by a [withdrawal](https://www.tesla.com/blog/staying-public) of his plans ー brought shares down as much as 35 percent.
Shortly after the first tweet, the SEC launched a probe into whether civil charges should be filed. In the actual lawsuit the agency is looking to bar Musk from serving as an officer or a director of any public company. The agency may also impose civil penalties and force him to pay back any "ill-gotten" gains he received from the stock's price fluctuations.
The Department of Justice is currently investigating whether to file criminal charges as well.
Learning about money is a skill that should be learned at an early age. OneMain Financial is now offering a financial course called 'Credit Worthy' across several high schools across the country, along with some scholarships. Doug Shulman, CEO of OneMain Financial, joined Cheddar News to discuss the importance of learning and understanding credit. "Over half of high school students graduate without knowing the basics about credit," Schulman said. "It really helps establish a great foundation to being an independent adult, to have a healthy and happy life, and some financial security is part of that."
Mariah Carey is facing a second lawsuit claiming copyright infringement over her song, "All I Want For Christmas is You."
Apple posted better-than-expected results for the third quarter but continued to report soft revenue. Cheddar News breaks it all down.
Thousands of hospitality workers across 18 casinos in Las Vegas have announced they are set to strike if a new contract agreement is not reached by Friday, November 10.
Mariah Carey, the 'Queen of Christmas,' is teaming up with Victoria's Secret for a new holiday collection.
Stocks jumped Friday after a jobs report showed a higher slowdown in hiring, giving hope to an end in rate hikes.
A new study found greater productivity in companies with a higher gender balance.
Apple posted better-than-expected profit and revenue in the latest quarter but said sales dropped for the fourth straight quarter, including a drop in revenue for iPads and iMacs.
The Federal Trade Commission is accusing Amazon of using an algorithm to raise prices for some of its products, thereby causing other shopping sites to do the same.
The Labor Department reported the U.S. economy added 150,000 jobs in October, down from an adjusted 297,000 jobs added in September.
