Tesla, Musk pay $40 million to settle Tweet charges, Musk to resign as chairman

FILE PHOTO: Tesla Motors CEO Elon Musk reveals the Tesla Energy Powerwall Home Battery during an event in Hawthorne, California, U.S., April 30, 2015. REUTERS/Patrick T. Fallon/File Photo - Copyright Patrick Fallon(Reuters)

By Reuters

Published on 30/09/2018 - 00:04•Updated 26/04/2024 - 05:36

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WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission said on Saturday it had reached a settlement with car-maker Tesla and Chief Executive Elon Musk over his Aug. 7 tweets about taking the company private.

Tesla and Musk will each pay $20 million to settle the case and Musk will step down as chairman but will remain as chief executive.