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It turns out that the price Elon Musk came up with to take Tesla Inc. private really was about weed, and that the embattled chief executive officer tweeted the figure to impress his girlfriend, the rapper Grimes.

Ousting Musk, who has a huge celebrity status with more than 22 million Twitter followers, would be hard and could damage the company. That will be more of a challenge with Musk's future in doubt, Osbourne said.

Mr. Musk sent investors into a tailspin last month when he tweeted that he was considering "taking Tesla private at $420". "Integrity is the most important value in my life and the facts will show I never compromised this in any way", he said.

"As demonstrated by the stock's reaction, investors believe the removal of Musk from Tesla would be negative for the prospects of the company, despite his recklessness in the go-private tweets".

Tesla investors have taken a wild ride as Wall Street values the promise of one of the world's leading electric vehicle makers, the hurdles the company faces and a mercurial CEO who can get the market buzzing with a single tweet.

Barclays analyst said that Tesla's stock has a $130 "Musk premium", which could disappear if he leaves.

Musk feels that the actions from the SEC are unjust and Tesla's board is standing behind its CEO. "Funding secured." Tesla's stock surged 11% that day but plunged over the following weeks as it became apparent that the CEO was tweeting by the seat of his trousers. "Nothing was exchanged in writing", the complaint stated.

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Musk made it seem "that funding for this multi-billion dollar transaction had been secured, and that the only contingency was a shareholder vote", the complaint states.

Shares of Facebook declined 2.7% to $164.28 at 1:50pm in NY. Later in the month, Tesla announced that the go-private plan had been scrapped.

On Friday, Citigroup downgraded Tesla's stock to a sell rating from neutral , citing the SEC's suit. Then they buy the shares back at a lower price and return them to the lenders, pocketing the profit.

In its lawsuit, the SEC alleges Musk's tweets caused market chaos and investor harm and that the Tesla CEO had been vocal about his disdain for short sellers - or people betting shares would fall.

Musk did not have funding secured at the time however, and while his company's stock hit an all-time high by the end of that day, it has been in freefall ever since.

The board too issued a statement in support of Musk, saying it was "fully confident in Elon, his integrity and his leadership of the company".