The SEC sued Musk on Thursday for allegedly lying to investors when he tweeted last month that he had “funding secured” to take Tesla private. As part of the settlement, Musk will pay a $20 million fine. Musk and Tesla were not required to admit to any wrongdoing as part of the settlement. Given the potential penalties they faced if the case had gone to trial, “Musk and Tesla got lucky. Stepping down as chairman is potentially humbling for Musk, 47, who is currently Tesla’s chairman, chief executive and largest shareholder, with a roughly 20 percent stake in the company.

Source: Washington Post September 29, 2018 21:41 UTC