Billionaire Elon Musk, chief executive of Tesla, had faced a Securities and Exchange Commission lawsuit over allegedly misleading investors. Regulators sought to remove Musk from Tesla and ban the billionaire entrepreneur from serving as chief executive of any public company. Musk and Tesla will each also pay $20 million in penalties to “harmed investors,” according to the SEC. Neither Musk nor Tesla is required to admit any wrongdoing as part of the settlement. In a first for Tesla, the company filed with the SEC an email he sent to employees over the weekend.

Source: Washington Post October 01, 2018 13:28 UTC