Canadian Politics Today

The U.S. Securities and Exchange Commission made the connection clear at a Thursday press conference after announcing that it had sued Musk for falsely asserting that he had secured funding to take the company private at $420 a share.

“While leading Tesla’s investors to believe he had a firm offer in hand, we allege that Musk had arrived at the price of $420 by assuming 20 percent premium over Tesla’s then existing share price then rounding up to $420 because of the significance of that number in marijuana culture and his belief that his girlfriend would be amused by it,” Steven Peikin, co-director of the SEC’s enforcement division said.