Elon Musk Fined $20M, Removed as Tesla Chairman Over Tweet

30 September, 2018, 01:59 | Author: Teresa Adams
  • Elon Musk

He will remain as the auto maker's CEO.

Musk, the CEO of Tesla, had been accused of posting a series of "false and misleading" tweets about the trading status of the electric vehicle firm.

As part of Tesla's settlement with the SEC, the company will pay a $20 (£15.3 / €17.2) million penalty. Neither Musk nor Tesla are admitting any wrongdoing.

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Musk claimed funding had already been secured for the deal and that the only remaining uncertainty was a shareholder vote.

Musk has not tweeted about the SEC settlement.

"In truth, Musk knew that the potential transaction was uncertain and subject to numerous contingencies", wrote the SEC, which had filed fraud charges earlier this week.

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The fraud allegation relates to his August tweet in which he said he was considering taking Tesla off the stock market and into private ownership. Musk will also be forced to step down from his position of as Tesla Chairman. The SEC said the company had no way to determine if his tweets contained information that must be disclosed in corporate filings, or if they contained complete and accurate information.

Tesla has agreed to settle the complaint with the SEC and will appoint two new independent directors to its board.

"The total package of remedies and relief announced today are specifically created to address the misconduct at issue by strengthening Tesla's corporate governance and oversight to protect investors", Stephanie Avakian, co-director of the SEC's Enforcement Division, said in a statement.

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