RadioOnFire.com - According to a report, Elon Musk has resigned as the chairman of Tesla. Along with leaving, Musk has to pay a $20 million fine for a tweet he fired off saying he planned on a massive buyout of Tesla.
Musk allegedly tweeted “considering taking Tesla private at $420. Funding secured.” Later on, the SEC ruled that Musk never went through with his declaration and deal between the company and the Saudi sovereign wealth fund set to foot the bill on the buyout. The SEC went on to hit Musk with fraud charges for reportedly making “false and misleading”
statements.
Since then, Musk has agreed to pay out the $20 million fine. Tesla was hit with a $20 million fine of their own.
Source: Gizmodo
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