U.S. Judge Approves Tesla Settlement with SEC

cageymaru

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Apr 10, 2003
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A U.S. judge approved the settlement between Elon Musk, Tesla and the SEC. The settlement means that Elon Musk will lose his position as chairman at the electric car company for 3 years. He has to pay a $20 million fine and has agreed to have his communications controlled by a board committee. Tesla has to hire an independent chairman, two independent directors and pay a $20 million fine.

"Just want to [sic] that the Shortseller Enrichment Commission is doing incredible work," Musk, a frequent critic of investors betting against the company, wrote. "And the name change is so on point!"
 
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