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Musk Settles: Pays SEC $20M, Resigns as Chairman

Tesla also paying $20M bringing total to $40M in penalties.

by Michael Strong on Sep.29, 2018

Tesla CEO Elon Musk settled with the SEC paying a $20 million fine and resigning as the chairman of the company.

After an initial round of defiance, Tesla CEO Elon Musk elected to take the path of least resistance with the Securities and Exchange Commission, agreeing to resign as chairman and pay a $20 million fine.

Tesla will pay an additional $20 million as part of the deal with the agency, bringing the total paid to $40 million.

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“The total package of remedies and relief announced today are specifically designed to address the misconduct at issue by strengthening Tesla’s corporate governance and oversight to protect investors,” Stephanie Avakian, co-director of the SEC’s Enforcement Division, said in a statement. (more…)