The SEC, however, decided that shareholders would be better off if someone replaced Musk as chairman. The agency charged Musk with fraud Thursday over an Aug. 7 tweet that Musk sent to 22 million followers, announcing he was considering taking the company private at $420 a share and had “funding secured” for the deal. The SEC found no such deal existed and proposed he be kicked out at Tesla and barred from serving as officer or director at any public company.

Source: Los Angeles Times October 01, 2018 22:04 UTC