Elon Musk settles with SEC over fraud charge

Elon Musk's SEC drama is over almost as soon as it begun -- the entrepreneur has settled with the SEC over the securities fraud charge for his tweets about taking Tesla private. He'll get to keep the CEO position, but he'll have to step down as Chai rman and let an independent person take that position. He won't be eligible for that position for three years, the SEC said. Tesla will also have to appoint a total of two new directors, create a committee of independent directors and establish "additional controls and procedures" for Musk's communications. Both Musk and Tesla will pay $20 million each in penalties, all of which will go toward "harmed investors."

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Via: CNBC

Source: SEC

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