29 Sep 2018
Turning point
SEC settlement with Musk and Tesla
The SEC charged Musk with securities fraud and charged Tesla with a securities law violation. Both settled without admitting or denying the allegations, and each agreed to pay a $20 million penalty. Musk agreed to step down as chairman and be ineligible for re-election as chairman for three years.
Sources and context
A settlement is not by itself an admission of wrongdoing.
- Elon Musk Settles SEC Fraud Charges, Tesla Charged With and Resolves Securities Law ChargeSource · US Securities and Exchange Commission