Tesla, Musk pays $ 40 million to settle Tweet charges, Musk resigns president

WASHINGTON – US Securities and Exchange Commission said that Tesla of carmaker and Elon Musk of general manager, as part of an agreement to retire billionaires in a severe two months, will each have $ 20 million Announced that they agreed to pay.

But Mr. Musk, a synonym for the Tesla brand, said he will remain in the position of a general manager under the agreement on the tweets about the privatization of the company on August 7, SEC said.

The SEC said Thursday that in a lawsuit, the tweet about the financing of the privatization plan abandoned after a few weeks had no basis and the resulting market turmoil hurt investors.

Musk must now resign within 45 days as President of Tesla and he will not be allowed to reelect him for three years. Tesla plans to appoint two independent directors.

Saturday's reconciliation saw the SEC withdraw from the request to ban Musk from running Tesla. A penalty saying that many investors are miserable to deficit automakers.

The SEC condemned Tesla not to request disclosure control and procedures of Musk's tweets. The SEC said there is no way to determine whether the company's tweet contains information disclosed in the company's submission or whether full and accurate information is included.

Neither Musk nor Tesla acknowledges or denies the SEC's findings in the settlement. Tesla did not immediately respond to the request for comment and the musk could not immediately contact for comment.

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