Shares of Tesla Inc dived 11 percent in early trading on Friday after U.S. regulators accused Chief Executive Elon Musk of fraud and sought to remove him from his role in charge of the electric car company.

The U.S. Securities and Exchange Commission said in a lawsuit that Musk had made a series of false and misleading statements and caused volatility in the company’s shares with tweets last month which raised the potential of taking Tesla private before swiftly withdrawing the idea.

Musk, 47, is the public face of Tesla and J.P. Morgan analyst Ryan Brinkman questioned how easy it would be for the $50-billion manufacturer, which is still losing money, to raise funds at affordable rates without him.

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