Musk gives up Tesla chair

The Guardian Weekly - - International News -

Elon Musk is to step down as chair of Tesla for three years and pay a fine after reach­ing a deal with the US fi­nan­cial reg­u­la­tor over tweets he made about tak­ing the firm into pri­vate own­er­ship. Un­der the set­tle­ment Musk would re­main as chief ex­ec­u­tive. Both he and the com­pany will each pay a $20m fine.

Last Fri­day Tesla’s share price was down close to 14% as in­vestors lost con­fi­dence.

The Se­cu­ri­ties and Ex­change Com­mis­sion filed a suit in New York ac­cus­ing Musk of fraud last week, al­leg­ing that the tweets about fi­nanc­ing for a go-pri­vate plan he aban­doned just weeks later had no ba­sis in fact, and said the mar­ket chaos that en­sued hurt in­vestors.

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