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Musk on siding at Tesla after settlement with SEC

WASHINGTON – Elon Musk and Tesla have Saturday a settlement with the U.s. beurswaakhond SEC. As part of the settlement of Musk within 45 days resignation as ceo of Tesla and he is allowed to function for three years do not meet, reports to the SEC. Also need to Musk and Tesla, each with a fine of 20 million dollar pay, about $ 17.2 million.

As part of the settlement of Musk within 45 days resignation as ceo of Tesla and he is allowed to function for three years not to play.

The SEC had Tesla, and Musk sued for fraud, after Musk had tweets that he is the company at a price of $ 420 per share of the stock market wanted to get. The tweets made sure that the shares of Tesla worth more, even if there were direct questions about the manner in which the news was shared, and about the lack of substantiation. When an explanation was revealed that, to rattle, to which the value of the shares significantly decreased. The money from the fines will benefit investors who have suffered damage.

Tesla has with the SEC agreed that the company takes measures to further control on future statements of the 47-year-old Musk, who was the director remains with the company he founded. Musks role of chairman will be taken over by an independent director. Also will Tesla two new directors in the directors appoint.

According to SEC, the measures aimed at the management and supervision in Tesla to strengthen and in order to protect investors. The American court must have the settlement approved.

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