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Tesla's Elon Musk says tweet that led to USD 20 million fine 'Worth It'

Tesla Inc Chief Executive Elon Musk said the tweet that cost him and the company $20 million in fines each by the U.S. Securities and Exchange Commision was "Worth It".

Published: 27th October 2018 09:19 PM  |   Last Updated: 27th October 2018 09:19 PM   |  A+A-

Elon Musk, CEO of Tesla Motors Inc. (File | AP)

Elon Musk, CEO of Tesla Motors Inc. (File | AP)

By Reuters

Tesla Inc Chief Executive Elon Musk said the tweet that cost him and the company USD 20 million in fines each by the US Securities and Exchange Commision was "Worth It".

The tweet, sent late Friday evening less than an hour before Musk tweeted that he would take a break from Twitter "for a few days," was in response to a question from a Twitter follower.

The SEC in September charged Musk, 47, with misleading investors with tweets on Aug. 7 that said he was considering taking Tesla private at USD 420 a share and had secured funding. The tweets had no basis in fact, and the ensuing market chaos hurt investors, regulators claimed.

Tesla Inc and Elon Musk have agreed to pay USD 20 million each to financial regulators and the billionaire will step down as the company’s chairman but remain as chief executive, under a settlement.

Under the settlement agreement, Tesla needs to appoint an independent chairman by Nov. 13.



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