Friday, September 28, 2018

Report: Elon Musk, Tesla Turned Down Settlement With SEC

A report--published this morning by CNBC--says that Elon Musk turned down a settlement offer with the SEC, which would have barred him as Chairman of Tesla for two years, and required two independent directors, but where Musk would neither admit or deny culpability. The report said the refusal to reach a settlement with the SEC triggered yesterday's lawsuit by the SEC against Musk, seeking both civil penalties and to bar Musk from being an officer or director of any public company. The actions are all related to a bizarre tweet about selling Tesla for $420 per share. In the SEC filing, Musk tweeted out $420 because "he had recently learned about the number's significance in marijuana culture" and that he though his girlfriend "would find it funny".