• Saudi Arabia's sovereign wealth fund, which recently invested in the company, had brought up taking Tesla private multiple times for almost two years.
  • Watch Tesla trade in real time here.

Tesla shares fell by as much as 11% in after-hours trading Thursday following news that the Securities and Exchange Commission had sued Elon Musk.

Bloomberg earlier reported that Musk, the electric-car maker's CEO, was facing a criminal probe over his tweet in August that he was considering taking the company private and had secured funding.

The suit alleged that Musk falsely claimed he could take the company private, Bloomberg reported. It alleged that Musk made false and "reckless" statements, and sought undetermined civil penalties against Musk, the report said.

fund's managing director on July 31