Settlement requires Musk to step down as Tesla’s Chairman; Tesla to appoint additional independent directors; Tesla and Musk agree to pay $40 Million in penalties.
The Securities and Exchange Commission announced September 29 that Elon Musk, CEO and Chairman of Silicon Valley-based Tesla Inc., has agreed to settle the securities fraud charge brought by the SEC against him last week. The SEC also charged Tesla with failing to have required disclosure controls and procedures relating to Musk’s tweets, a charge that Tesla has agreed to settle. The settlements, which are subject to court approval, will result in comprehensive corporate
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