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Home / Business / Elton Musk of Tesla says a tweet has resulted in a $ 20 million fine.

Elton Musk of Tesla says a tweet has resulted in a $ 20 million fine.



FILE PHOTO: Tesla Motors CEO Elon Musk speaks at the National Governors Association summer session in Providence, Rhode Island, USA, July 15, 2017. REUTERS / Brian Snyder / File Photo

(Reuters) – Tesla Inc ( TSLA.O ) Chief Executive Officer Elon Musk said the tweet, which cost him and the company $ 20 million each in fines from the US Securities and Exchange Commission, is "Worth It."

The tweet, which aired late Friday, less than an hour before Musk tweeted that he would take a break from Twitter "for a few days," responded to a question from a Twitter follower.

The SEC in September accused 47-year-old Musk of misleading investors with tweets on 7 August. He said he intends to privately take Tesla for $ 420 a share, and have secured the funding. In fact, the tweets had no basis, and the ensuing market chaos hurt investors, regulators claimed.

Tesla Inc. and Elon Musk have agreed to pay $ 20 million each to the financial regulators. The billionaire resigns as chairman of the company, but remains on the basis of an agreement as Chief Executive.

Under the Settlement Agreement, Tesla must appoint an independent chairman by November 1

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Reporting by Kenneth Li; Editing by Chizu Nomiyama

Our Standards: The Thomson Reuters Trust Principles.

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