Elon Musk reaches deal over tweets about taking Tesla private
30 September, 2018, 01:59 | Author: Kathy Ellis
On top of the $20 million fine, Tesla, which is also settling, will pay a $20 million penalty.
But Musk, who is synonymous with the Tesla brand, will remain as chief executive under the settlement over tweets he posted on August 7 about taking the company private, the SEC said.
Things could ultimately have been significantly worse for Musk, as the SEC had sought to bar him from serving as an officer or board member of a publicly traded company. Neither Musk nor Tesla are admitting any wrongdoing.
According to the terms of the settlement, Musk will pay a $20 (£15.3 / €17.2) million fine and these funds will be "distributed to harmed investors under a court-approved process".
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In addition, Tesla must replace Musk with an independent chairman; Musk can't be considered as chairman for at least three years.
Tesla said in 2013 that it would use Musk's Twitter account to announce "material information about Tesla", but the company didn't really have any rules for how that might work or comply with SEC rules. He went on to say, "The resolution is meant to prevent further market disruption and harm to Tesla's shareholders".
In related news, SEC also charged Tesla with "failing to have required disclosure controls and procedures relating to Musk's tweets".
The SEC said those claims were "false and misleading". Tesla did not immediately respond to a request for comment and Musk could not immediately be reached for comment.
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Ford", a tearful Brett Kavanaugh says. "That's a lot of wisdom from a 10-year-old", Kavanaugh said after another pause. Ford said in the summer of 1982, when she was 15, she attended a small house party with four boys and one other girl.
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