Musk was subject to regulatory scrutiny in August soon after posting on Twitter that he was considering taking the company private at $420 a share and had funding secured. In its September lawsuit, the SEC said Musk hadn’t discussed any specific deal terms with any funding partners and knew the potential transaction was uncertain. The accord required Musk and the company to each pay a $20-million penalty and barred Musk from serving as Tesla’s chairman for three years.

Source: Los Angeles Times February 26, 2019 13:52 UTC