US judge approves Elon Musk's settlement with SEC over his Tesla go-private tweet
A US district court judge approved Tesla Inc (NASDAQ:TSLA) CEO Elon Musk’s $40 million settlement with the Securities and Exchange Commission over fraud charges stemming from his early August tweet to take the company private, a report by Bloomberg said.
Judge Alison Nathan signed off on the deal Tuesday, after Musk and the SEC said the agreement was in the best interest of investors in the electric-car maker. The company will pay $20 million and Musk will also pay a $20 million penalty.
Musk had tweeted on August 7 that he planned to take the company private and that funding had been “secured,” a claim that turned out to be not accurate and prompted some investors to sue him as a result.
Am considering taking Tesla private at $420. Funding secured.
— Elon Musk (@elonmusk) August 7, 2018
The plan was eventually abandoned by Musk and the SEC swiftly opened an investigation. Within a few days of the settlement, Musk fired off another tweet insulting the SEC.
Just want to that the Shortseller Enrichment Commission is doing incredible work. And the name change is so on point!
— Elon Musk (@elonmusk) October 4, 2018
Despite muddling the picture, the deal went ahead.
Resolution of the case would allow Tesla to move on from the issue and go back to the business of producing electric vehicles.
READ: Tesla starts off 4Q with strong production numbers; Musk tweets about climate change
As part of the settlement, Musk agreed to relinquish the post of chairman of Tesla although he remains CEO.
The market welcomed news the settlement had been finalized, with Tesla shares hitting a session top of $273.88 and trading 3.66% up at $269.08.
Reporting by Rene Pastor, contactable on [email protected]
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/207211/us-judge-approves-elon-musk-s-settlement-with-sec-over-his-tesla-go-private-tweet-207211.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).