Elon Musk has been forced to step down as chairman of Tesla following a series of tweets claiming he was going to take the electric car company private.
Musk is accused of misleading investors after he tweeted that he had secured funding to take the electric carmaker private last month.
BYPASS THE CENSORS
Sign up to get unfiltered news delivered straight to your inbox.
The Tesla CEO and the US Securities and Exchange Commission (SEC) reached a settlement over fraud charges and Musk will step down as chairman of Tesla’s board in 45 days.
Pope Francis Vows To Usher In ‘One World Religion’
Bill Gates Caught Admitting ‘Climate Change Is WEF Scam’ to Inner Circle
Elites Panic As Queen’s Death Threatens To Expose Pedophile Ring
WEF Anoint Charles ‘The Great Reset King’
WEF To Force Public To Wear ‘Brain Implants’ So the Elite Can Read Their Minds
Woody Harrelson Slams Big Pharma: 'The Last People You Should Trust With Your Health'
NASA Insider Confesses on Deathbed: I Filmed Fake Moon Landing in 1969
Disney’s ‘Little Demon’ Is Normalizing Satanism and Pedophilia for the Masses
Nostradamus Predicted 'Great Uprising' Against King Charles III
The Express reports: Both Tesla and Mr Musk will each pay $20million (£15million) to settle the case, but the serial entrepreneur will remain as chief executive.
On August 7, Mr Musk tweeted that he had the funding in place to take Tesla private at $420 (£322) per share.
The SEC said the claims were “false and misleading”.
The regulators said on Saturday: “Musk tweeted on August 7, 2018 that he could take Tesla private at $420 per share — a substantial premium to its trading price at the time — that funding for the transaction had been secured, and that the only remaining uncertainty was a shareholder vote.
But ”in truth, Musk knew that the potential transaction was uncertain and subject to numerous contingencies.
“Musk had not discussed specific deal terms, including price, with any potential financing partners, and his statements about the possible transaction lacked an adequate basis in fact,” they added.
Mr Musk first responded to the charges by saying the action was “unjustified” and he acted in the “best interests of truth, transparency and investors”.
Elon Musk told Business Insider on Thursday: “This unjustified action by the SEC leaves me deeply saddened and disappointed.
“I have always taken action in the best interests of truth, transparency and investors.”
After Mr Musk’s tweet, Tesla’s stock rocketed by over six percent on August 7, the SEC said.
However, since then the market value of Tesla has plummeted by $19.6 billion (£15billion), a drop of more than 30 percent.
Shares of Tesla nosedived by nearly 14 percent on Friday, marking its worst one-day decline in nearly five years.
Latest posts by Niamh Harris (see all)
- Norway’s North Sea Oil Rigs Increase Security After Being Buzzed By Mysterious Drones - September 29, 2022
- Pro-Vaccine Doctor Believes Pfizer’s Covid Jab Sent His Cancer Into Overdrive - September 29, 2022
- UK: Millions Urged To Get Covid & Flu jabs Amid Fears Of Winter ‘Twindemic’ - September 29, 2022