29 Sep 2018
SEC announces settlements with Musk and Tesla
Press Release 2018-226, settlements in SEC v. Musk (S.D.N.Y. No. 18-cv-8865) and SEC v. Tesla (S.D.N.Y. No. 18-cv-8947). Musk and Tesla settled charges arising from Musk's 7 August 2018 statements that he could take Tesla private at $420 per share with funding secured. Musk agreed to step down as chairman and to be ineligible for re-election as chairman for three years, and Musk and Tesla each paid a $20 million penalty, without admitting or denying the allegations.
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A settlement is not by itself an admission of wrongdoing.
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- Elon Musk Settles SEC Fraud Charges, Tesla Charged With and Resolves Securities Law Charge (Press Release 2018-226)Regulatory record · US Securities and Exchange Commission