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Elon Musk's ill-advised weed humor016 Archivesgoing to cost him $20 million dollars and his chairmanship of Tesla, in accordance with a settlement agreement Musk and Tesla made with the the U.S. Securities and Exchange Commission.
SEE ALSO: Elon Musk sued by SEC for Tesla privatization tweetMusk accepted the settlement on Saturday, Sept. 29, after initially rejecting a similar but less harsh settlement put forth when the SEC first announced it was suing Musk for fraud (the initial settlement called for a two-year suspension from the chairmanship and a $10 million fine).
The fraud in this case is the initial content of Musk's tweet, in which he announced that he would take Tesla private when the stock hit $420 and that he had "funding secured" to make that move.
This Tweet is currently unavailable. It might be loading or has been removed.
The tweet, and Musk's later retraction, had a legitimate market impact as investors panicked over the prospect of Tesla going private.
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