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Elon Musk and SEC reach settlement on fraud charges (resigns as Chairman, stays on as CEO, 20m fine)

Oct 27, 2017
502
#12
That's the exact same settlement he turned down, he got lucky the SEC didn't tell him he had his chance and that the deal was off, and they'd press the case.
 
Oct 27, 2017
597
#18
His lawyers finally talked some sense into him. They should have made a ban on company-related tweets a stipulation as well.
 
Oct 25, 2017
7,089
#20
Wish he'd lost his CEO role. But Musk is an asshole few can deny is an asshole anymore and his stans look worse than they previously did, so at least this wasn't a total bust
 
Oct 27, 2017
3,063
#26
Oh damn he gotta resign too. Probably for the best honestly lol

Edit: ok he gets to stay on but isn't chairman right? Well hopefully this lets the guy pull his head out of his ass and focus on priorities
 
Oct 25, 2017
461
#35
Best case scenario for him and Tesla. They can survive a 20 million dollar hit, but the publicity would be terrible for them to lose Musk as CEO.
 
Oct 27, 2017
502
#38
This is honestly very bullish for the company. Musk stays on as CEO, the board becomes more of a check against him. The stock will probably pop from $265 to $290-300 on Monday. About the best outcome possible for Tesla. It makes me sick that I didn't buy at $260 around 3 p.m. on Friday. I thought about it, it was historically a good price, but the reports were Musk had turned the settlement down, so I couldn't anticipate that he'd change his mind.
 
Oct 27, 2017
341
#46
From the SEC filing:

"Musk and Tesla will each pay a separate $20 million penalty. The $40 million in penalties will be distributed to harmed investors under a court-approved process"