In a major development, Elon Musk, the CEO of Tesla, has agreed to pay $20 million and step down as the chairman of the company’s board in a deal with the Securities and Exchange Commission (SEC). This decision comes after the SEC filed a lawsuit against Musk for making false and misleading statements on Twitter about taking Tesla private.<\/p>\n
The settlement, which was announced on Saturday, September 29th, puts an end to a tumultuous period for Tesla and its shareholders. The company’s stock price has been on a rollercoaster ride since Musk’s tweet about taking Tesla private at $420 per share, causing confusion and chaos in the market.<\/p>\n
What Led to the Settlement?<\/strong><\/p>\n The SEC’s lawsuit alleged that Musk’s tweet about taking Tesla private was “false and misleading” and that he had not secured the necessary funding to do so. This caused a significant disruption in the market and led to an investigation by the SEC.<\/p>\n In the settlement, Musk neither admitted nor denied the allegations made.<\/p>\n Source: CNN<\/p>\n","protected":false},"excerpt":{"rendered":" UPDATES: Elon Musk Agrees to Pay $20 Million and Quit as Tesla Chairman in Deal with SEC In a major development, Elon Musk, the CEO of Tesla, has agreed to pay $20 million and step down as the chairman of the company’s board in a deal with the Securities and Exchange Commission (SEC). This decision […]<\/p>\n","protected":false},"author":123,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[112],"tags":[1340,1341,957,1342,1343,390,1344],"class_list":["post-462","post","type-post","status-publish","format-standard","hentry","category-business","tag-20-million","tag-chairman","tag-elon-musk","tag-elon-musk-agrees-to-pay-20-million","tag-sec","tag-src","tag-tesla"],"_links":{"self":[{"href":"https:\/\/swifteradio.com\/update\/wp-json\/wp\/v2\/posts\/462","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/swifteradio.com\/update\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swifteradio.com\/update\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swifteradio.com\/update\/wp-json\/wp\/v2\/users\/123"}],"replies":[{"embeddable":true,"href":"https:\/\/swifteradio.com\/update\/wp-json\/wp\/v2\/comments?post=462"}],"version-history":[{"count":0,"href":"https:\/\/swifteradio.com\/update\/wp-json\/wp\/v2\/posts\/462\/revisions"}],"wp:attachment":[{"href":"https:\/\/swifteradio.com\/update\/wp-json\/wp\/v2\/media?parent=462"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swifteradio.com\/update\/wp-json\/wp\/v2\/categories?post=462"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swifteradio.com\/update\/wp-json\/wp\/v2\/tags?post=462"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}