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“Musk calculated the $420 price per share based on a 20 percent premium over that day’s closing share price because he thought 20 percent was a ‘standard premium’ in going-private transactions,” resulting in a price of $419, according to the lawsuit, which was filed in U.S. District Court in Manhattan.

To make matters worse, “Musk stated that he rounded the price up to $420 because he had recently learned about the number’s significance in marijuana culture and thought his girlfriend ‘would find it funny, which admittedly is not a great reason to pick a price,’” the suit says.

\"It's so straightforward. That's the problem. He said 'I have the funding,' they say he didn't,\" Elson said. \"The conduct is so obvious, if the SEC hadn't responded, it would make you wonder, what's the point of the SEC?\"

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