Elon Musk agrees to pay $20 million and quit as Tesla chairman

      Published on Sunday, 30 September , 2018      5 Views      Comments Add Comment
Elon Musk agrees to pay $20 million and quit as Tesla chairman

  • World

Elon Musk agreed Saturday to step down as chairman of Tesla and pay a $20 million fine in a deal to settle charges brought this week by the Securities and Exchange Commission.

Under the settlement, which requires court approval, Musk will be allowed to say as CEO but must leave his role as chairman of the board within 45 days.



He cannot seek reelection for three years, according to court filings.

He accepted the deal with the SEC “without admitting or denying the allegations of the complaint,” according to a court document.

The SEC alleged on Thursday that Musk misled investors when he tweeted on August 7 that he had secured funding to take Tesla private at $420 a share, causing Tesla’s stock to soar. He had not secured the funding, the SEC said.

Separately, Tesla agreed Saturday to pay $20 million to settle claims it failed to adequately police Musk’s tweet.



Tesla did not immediately reply to CNN’s request for comment.

Keywords:
Category World | 2018/09/30 latest update at 2:15 AM
Source : CNN | Photocredit :
6 Views
Comments Add comment



Related Articles

The editorial staff of Dubai Today would like to give all of its readers from Gulf and Dubai and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Dubai Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Dubai, the Gulf and the world.

Latest Comments


Sheikh Mohammed bin Rashid Al Maktoum Emir

Sheikh Mohammed bin Rashid Al Maktoum

Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid…

Sheikh Mohammed bin Rashid Al Maktoum Emir

Sheikh Mohammed bin Rashid Al Maktoum

Vice President, Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al…

HH Sheikh Mohammed Bin Rashid Al Maktoum Emir

HH Sheikh Mohammed Bin Rashid Al Maktoum

Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Shaikh Mohammad Bin Rashid…

Sheikh Mohammed bin Rashid Al Maktoum Emir

Sheikh Mohammed bin Rashid Al Maktoum

Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid…

GULF TV

Popular in GULF TV

Freelancing in the UAE region

1552 Views

The global freelancing market is set to grow $20bn by 2020. Where does the market stand here in…

Latest videos in GULF TV

Events

Lifestyle

Culture

Sport

Science & Technology

Government