Tweet that led to $20 million fine was ‘Worth It’ to Elon Musk


Tesla Chief Executive said the that cost him and the company $ in fines each by the U.S. Securities and Exchange Commission was “ It”. The tweet, sent late Friday evening less than an hour before Musk tweeted that he would take a break from Twitter “for a few days,” was in response to a question from a Twitter follower.

The SEC in September charged Musk, 47, with misleading investors with tweets on Aug. 7 that said he was considering taking Tesla private at $420 a share and had secured funding. The tweets had no basis in fact, and the ensuing market chaos hurt investors, regulators claimed.

Tesla and Elon Musk have agreed to pay $20 million each to financial regulators and the billionaire will step down as the company’s chairman but remain as chief executive, under a settlement. Under the settlement agreement, Tesla needs to appoint an independent chairman by Nov. 13. (Reporting by Kenneth Li; Editing by Chizu Nomiyama)

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