Judge approves SEC settlement with Tesla, Musk
A federal judge on Tuesday approved a settlement between the Securities and Exchange Commission (SEC), Tesla and its CEO Elon Musk.
The settlement follows an SEC investigation last month into a Musk tweet from August in which he said he had secured funding to take Tesla private at $420 per share.
{mosads}The settlement requires Musk to step down as chairman and pay a $20 million civil penalty. Tesla will also have to pay a separate $20 million fee. The company will not be charged with fraud.
Musk appeared to mock the SEC on Twitter after being ordered by the court on Oct. 4 to explain the settlement, calling the agency the “Shortseller Enrichment Commission.”
Just want to that the Shortseller Enrichment Commission is doing incredible work. And the name change is so on point!
— Elon Musk (@elonmusk) October 4, 2018
A representative from Tesla declined to comment on Tuesday’s ruling.
Updated at 11:30 a.m.
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