{"id":2552,"date":"2018-09-29T18:58:31","date_gmt":"2018-09-29T22:58:31","guid":{"rendered":"http:\/\/lovepeacenslander.com\/?p=2552"},"modified":"2018-09-29T18:58:31","modified_gmt":"2018-09-29T22:58:31","slug":"elon-musk-fined-20-million-forced-to-resign-as-chairman-of-tesla","status":"publish","type":"post","link":"https:\/\/lovepeacenslander.com\/index.php\/2018\/09\/29\/elon-musk-fined-20-million-forced-to-resign-as-chairman-of-tesla\/","title":{"rendered":"Elon Musk fined $20 million, Forced to resign as chairman of Tesla"},"content":{"rendered":"
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Elon Musk<\/a>\u00a0has been fined $20million and will be forced to resign as chairman of Tesla after reaching a settlement on fraud charges.<\/p>\n

Musk was accused of posting ‘false and misleading information’ to\u00a0Twitter<\/a>\u00a0about taking his company private at $420 a share on August 7.<\/p>\n

The acclaimed engineer told his followers he’d secured funding and only needed a shareholder vote to proceed, but this was untrue.<\/p>\n

The SEC claims Musk’s tweets had no factual basis, and caused chaos in the stock market, which hurt investors.<\/p>\n

Musk’s tweets saw Tesla’s stock jump by more than six per cent on August 7, but the price crashed by more than 13 per cent when the SEC filed its complaint.<\/p>\n

He will be able to continue as the CEO of Tesla, but cannot be chairman again for three years. Musk will be solely responsible for paying his $20million fine.<\/p>\n

Tesla will have to pay a second $20million fine, and appoint two independent directors to replace Musk.<\/p>\n

In a statement to\u00a0TechCrunch\u00a0<\/a>on Thursday, Musk said the complaint was ‘unjustified’.<\/p>\n

\u201cThis unjustified action by the SEC leaves me deeply saddened and disappointed,’ he said.<\/p>\n

‘I have always taken action in the best interests of truth, transparency and investors.<\/p>\n

‘Integrity is the most important value in my life and the facts will show I never compromised this in any way.’<\/p>\n

Neither Musk nor Tesla admitted or denied the SEC’s findings as part of the settlement.<\/p>\n

Tesla did not immediately respond to a request for comment and Musk could not immediately be reached for comment.<\/p>\n

\"[\u200bIMG]\"<\/p>\n

Source<\/a><\/article>\n<\/div>\n<\/div>\n<\/div>\n<\/form>\n","protected":false},"excerpt":{"rendered":"

Elon Musk\u00a0has been fined $20million and will be forced to resign as chairman of Tesla after reaching a settlement on fraud charges. Musk was accused of posting ‘false and misleading information’ to\u00a0Twitter\u00a0about taking his company private at $420 a share on August 7. 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