Judge Approves SEC Settlement With Tesla, Musk

A federal judge  approved a settlement between SEC, Tesla and its CEO Elon Musk. The settlement follows an investigation last month by the SEC last month to look into a Musk tweet from August that said he had secured funding to take Tesla private at $420 per share. The settlement requires Musk to step down as a chairman and pay a $20 million civil penalty. Tesla will also have to pay a separate $20 million fee.

Best part of this settlement - Tesla will establish a new committee of independent directors and put in place additional controls and procedures to oversee Musk’s communications. 

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13 minutes ago, Adam Varga said:

A federal judge  approved a settlement between SEC, Tesla and its CEO Elon Musk. 

As was expected. 
 

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I love how Musk mocks stupidity. The SEC lawsuit can certainly be seen as a facade with stock manipulation as its true intent.

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TSLA up 4%. Makes sense. After Elon threw that insult at the SEC after agreeing to the settlement people were worried that the judge might decide the settlement wasn't having the intended effect of making Elon regret his careless tweeting habits. Good to know they were worried with no reason. 

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So this settlement requires him to get approval from a securities lawyer for every tweet before posting. Parental controls are set to on. 

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Good day for Elon Musk and Tesla. Bad day for justice. The judge has now affirmed that we live in a world where the SEC has green light to inflict substantial damage to long investors while protecting the interests of short selling manipulators.

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Now we can get the focus where it belongs,  top selling cars, revolutionizing the auto industry and driving the transition to clean energy production. 

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