Musk, the CEO of Tesla, had been accused of posting a series of "false and misleading" tweets about the trading status of the electric car firm. Musk claimed funding for the deal had been secured and that the only remaining uncertainty was a shareholder vote. The billionaire has now reached a settlement with the Securities and Exchange Commission (SEC), which is the US government's business watchdog. The SEC sued Musk on Thursday after claiming that he lied when he tweeted this summer that he had secured funding to make Tesla private. “The resolution is intended to prevent further market disruption and harm to Tesla’s shareholders.”Thursday's lawsuit makes Musk one of the highest-profile executives to be accused by the SEC of securities fraud.

Source: Daily Mirror September 29, 2018 21:28 UTC