Tesla boss Elon Musk told the electric car company he plans to buy 20 million common shares during the next open trading window, according to a filing pertaining to the CEO's compensation with the Securities and Exchange Commission
The 8K filing also resulted in Tesla and Musk's comparison with SEK. One judge upheld Tesla and Musk's deal with the SEC on Tuesday over allegations that Musk was committing a fraud when he said that he had secured the necessary funding to privatize the automaker.
The deal, considered a positive development for Palo Alto, California-based Tesla, calls on Musk to pay a fine of $ 20 million and resign as Tesla chairman for at least three years. The Company is also required to track the CEO's statements to the public about the company on Twitter, blog posts, or any other medium.
The company will send two more independent directors to the board within 90 days of filing the settlement documents
Musk tweeted in August that he debated taking Tesla privately, saying his followers on Twitter, "funding secured. " The tweet sparked a scandal for Tesla and sent stocks through volatility for weeks.
Following the looming firestorm, Musk later said talks with the Saudi Arabian sovereign wealth fund had secured him secure funding at his proposed $ 420 a share price. The SEC sued Musk on September 27 for fraud.