Elon Musk has to pay $20 million to settle with the S.E.C.

TwitterFacebook

Elon Musk's ill-advised weed humor is going to cost him $20 million dollars and his chairmanship of Tesla, in accordance with a settlement agreement Musk and Tesla made with the the U.S. Securities and Exchange Commission.

Musk accepted the settlement on Saturday, Sept. 29, after initially rejecting a similar but less harsh settlement put forth when the SEC first announced it was suing Musk for fraud (the initial settlement called for a two-year suspension from the chairmanship and a $10 million fine).

The fraud in this case is the initial content of Musk's tweet, in which he announced that he would take Tesla private when the stock hit $420 and that he had "funding secured" to make that move.  Read more...

More about Tesla, Elon Musk, Elon Musk Sec, Elon Musk Lawsuit, and Elon Musk Settlement

from Tech https://mashable.com/article/elon-musk-sec-settlement-stepping-down/
via CCTV and Alarms

Comments