Fast Money starts right now.

Major Story breaking in just the last few minutes.

SEC sues Tesla CEO Elon Musk for fraud.

Check out the stock.

It is down by 10 and a quarter percent in the after hour session.

You're taking a look right now at a live shot.

The SEC is about to hold a news conference in Washington, D.C.

We'll bring that to you live as soon as that gets started.

Meantime, we've got full team coverage. Our own David Faber, who's been reporting on the story and of course

Philboe who's at a Tesla dealership out in California but David let's start it off

with you. Okay thank you Melissa yeah let's just set the scene for people at this

point so they can understand where we are.

About an hour ago we got the news that the SEC was charging Elon Musk with fraud.

Misleading statements, false statements that led to a move in Tesla's stock price that they describe

at least was for the benefit of perhaps defeating short sellers that had become his nemesis.

That at least is one part of this complaint that goes on in a number of different areas talking about reckless behavior in not knowing that a statements were false and misleading, omitting material facts, premised on a long series of baseless assumptions and contrary to facts that

Mr. Musk knew at the time.

Of course, this refers to that series of tweets, one of the key ones being funding

secured that took place in the 8th of August

that did have the effect of sending up Tesla's stock price on the news that he was

pursuing a go private transaction. The SEC claims that cause market chaos and harm Tesla

investors. Set off a trading frenzy, says the SEC and the trading volume and price of Tesla did immediately spike thereafter.

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