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The SEC has settled charges with Tesla over CEO Elon Musk's “false and misleading” statements in a bid to take his company private: in the aftermath, Tesla and Musk will have to pay $20 million each. Musk will also have to step down as chairman of the board.
The SEC's enforcement action brings to a conclusion a saga which began in early August, when Musk announced via Twitter that he had secured enough funding for a massive private buyout of Tesla. The SEC complaint alleged that in doing so, Musk issued "false and misleading" statements, and failed to properly notify regulators of material company events.
The SEC's enforcement action brings to a conclusion a saga which began in early August, when Musk announced via Twitter that he had secured enough funding for a massive private buyout of Tesla. The SEC complaint alleged that in doing so, Musk issued "false and misleading" statements, and failed to properly notify regulators of material company events.