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September 29, 2018 10:23 pm GMT
Original Link: http://feeds.mashable.com/~r/mashable/tech/~3/IWzapl_u0d0/
Elon Musk has to pay $20 million to settle with the S.E.C.
Elon Musk's ill-advised weed humor is going to cost him $20 million dollars and his chairmanship of Tesla, in accordance with a settlement agreement Musk and Tesla made with the the U.S. Securities and Exchange Commission.
Musk accepted the settlement on Saturday, Sept. 29, after initially rejecting a similar but less harsh settlement put forth when the SEC first announced it was suing Musk for fraud (the initial settlement called for a two-year suspension from the chairmanship and a $10 million fine).
The fraud in this case is the initial content of Musk's tweet, in which he announced that he would take Tesla private when the stock hit $420 and that he had "funding secured" to make that move. Read more...
More about Tesla, Elon Musk, Elon Musk Sec, Elon Musk Lawsuit, and Elon Musk SettlementOriginal Link: http://feeds.mashable.com/~r/mashable/tech/~3/IWzapl_u0d0/
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