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

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

Tesla, Musk pay $40 million to settle Tweet charges, Musk to resign as chairman
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Patrick Fallon(Reuters)
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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.

(Reporting by Michelle Price; Editing by Marguerita Choy)

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