Elon Musk agrees to resign from the Chairman post of Tesla in SEC settlement! The $20 million Tweet.

30 September 2018_campuscad

Tesla

Elon Musk Lost the Chairman post. We have curated the story of, “SEC sues Tesla CEO Elon Musk over a tweet” on 29 September 2018.

And the breaking news comes out!

Tesla CEO and Chairman Elon Musk is agreed to resign from Tesla Chairman Post in the settlement with security Exchange and Commission regulators of United States.

He will keep his CEO Job but must resign from Chairman post within next 45 days and not able to file for reelection for the post of Chairman for next 3 years.

He needs to pay $20 million in fine and 2 new independent directors will be appointed on Tesla board.

“The resolution is intended to prevent further market disruption and harm to Tesla’s shareholders,” Steven Peikin, co-director of the SEC’s Enforcement Division said in a statement.

Tesla needs to pay another $20 million in fine to SEC.

Elon sent a tweet on August 7, 2018 of taking Tesla private. (Original Tweet-Am considering taking Tesla private at $420. Funding secured). This tweet cost the investors and short selling traders around $13 billion in losses and files a complaint against Elon Musk for irresponsible tweet to SEC.Read full story here!


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