Elon Musk’s "Funding Secured" Tweet Just Cost Him & Tesla $40 Million

SEC Lawsuit Against Musk Wiped $7.3 Billion From Tesla’s Market Value

Elon Musk to leave Tesla chairman role and pay £15m fine after fraud case | ITV News

Coming under pressure from his lawyers and investors of Tesla, tech billionaire Elon Musk has agreed to step down as chairman of the company for three years and pay a $20 million fine in a deal with the United States stock market regulatory authority, Securities and Exchange Commission (SEC), to resolve securities fraud charges.

As part of the settlement with the SEC, Tesla will appoint an independent chairman, two independent directors, and a board committee to set controls over Musk's communications under the proposed agreement. As part of the deal, Musk and Tesla will also both pay $20 million, while the former will neither admit nor deny the allegations.

Neither Tesla nor Musk admitted wrongdoing under the settlement, which was reached two days after the regulator sued the billionaire over his tweeted claims to have had the funding and investor support to buy out stockholders at $420 a share.

Elon Musk is confident that Tesla Inc.

The SEC's lawsuit had sought to bar Musk from serving as an officer or director of a public company, a prospect that rattled investors.

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In the immediate aftermath of the "funding secured" tweet, Tesla stock rose by six per cent.

Munster said the settlement was the best outcome for all involved.

"I expect the stock to trade materially higher on this and into the quarter where we can focus on the fundamentals". Andrew Doane, who has a Model S sedan, Model X crossover and Model 3 auto and is president of the Tesla Owners Club of the Mid-Atlantic region, mustered club members to pull shifts at delivery hubs in Virginia and Maryland, and worked one himself.

Tesla jumped 16 percent to $306.50 at 6:28 a.m.

In the Chicago suburb of Highland Park, more than 75 people crammed into Tesla's service center and another 50 or so waited outside.

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According to a report, Elon Musk has resigned as the chairman of Tesla.

"When companies and corporate insiders make statements, they must act responsibly", SEC Chairman Jay Clayton said. And during a Reddit AMA the same year, he said "in Musk I trust" when asked if Telsa will make it as a auto company. "At the same time, there will be appropriate restraints in place".

Mr Musk, whose tweets on August 7 on a plan to take Tesla private that was later abandoned, has tweeted only once since the settlement was announced - posting a music video by rap group Naughty by Nature.

Tesla shares took a steep dive last Friday, plunging 13.90% amidst news of the SEC's lawsuit against the outspoken CEO.

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