News
Elon Musk And Tesla Settle SEC Fraud Case For $40m,Will Resign As Tesla Chairman
Tesla and its chief executive Elon Musk have reached a $40m (₦14.5 billion in Naira) settlement with Securities and Exchange Commission on the charges filed against him for fraud and misleading investors over his post on Twitter last month that he had “funding secured” for a buyout of the electric-car company at $420 a share.
According to the terms of the settlement, he will resign as the chairman of Tesla for three years and will also pay a $20 million penalty that will be used to compensate investors. But he will remain as Tesla’s CEO during that time.
Read Saudi Arabia’s Sovereign Wealth Fund To Invest $1billion In Tesla’s Rival Lucid Motors
Tesla will also pay an additional $20 million fine for failing to censor Elon Musk’s tweet.
Tesla is required to appoint two new independent directors to its board and must take steps to monitor Musk’s communications with investors.
Elon Musk must also seek approval before posting Tesla-related information on Twitter.
-
News6 days agoDouble Win: Porsche And The Iconic 911 Win Top Spots In 2026 J.D. Power Study
-
Latest Cars7 days agoAll-New 8th-Gen Hyundai Elantra (Avante) Unveiled In South Korea
-
News1 week agoINEOS Offers Grenadier-based Military Trucks To Replace British Army’s Retired Land Rovers
-
Auto Sport1 week agoDriverless Xiaomi YU7 GT Completes The First Officially Timed Autonomous Lap Of The Nürburgring
-
Latest Cars3 days agoAll-New 5th-Gen BMW X5 Adopts Neue Klasse Design, Introduces Electric iX5
-
News1 week agoJaguar Land Rover Halts Sale Of Defender, Range Rover And Discovery Due To Faulty Airbags
-
News6 days ago10 Reasons Why The All-new Mercedes-Benz VLE Redefines The Grand Limousine
-
Celebrities Auto4 days agoCubana Chief Priest Swaps Rolls-Royce Cullinan For 2026 Ferrari Purosangue At Car Dealership