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Seven Days 5 October 2018

Seven Days 5 October 2018

Musk settles with SEC

It’s been an eventful few days for Elon Musk and Tesla. Last week the SEC charged Mr Musk with securities fraud “for a series of false and misleading tweets about a potential transaction to take Tesla private”. This referred to Mr Musk’s tweet in August that he could take Tesla private for $420 a share – “a substantial premium to its trading price at the time” – and that funding had been secured. The SEC alleged that Mr Musk “knew that the potential transaction was uncertain”. But Mr Musk and Tesla have since settled. Each must pay $20m, and Mr Musk steps down as chairman for three years – remaining as chief executive.

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