Business, Judge approves Elon Musk settlement with SEC

It all started as an April Fools' Day prank

It all started as an April Fools' Day prank

The saga between Tesla CEO Elon Musk and the U.S. Securities and Exchange Commission, which began with a now infamous "funding secured" tweet about taking the electric automaker private, is officially resolved. A settlement was then reached which required Musk to pay $20 million, with Tesla paying a further $20 million. Musk is credited for establishing and growing Tesla at a time when the US automakers are struggling to fend off competition from foreign rivals.

By around 1730 BST, Tesla shares were 4.17% higher at $270.41.

One thing is for certain: If this isn't all an elaborate troll (which it might be!) Elon Musk's graphic design skills still need some work.




Tesla shares, down about 11% in 2018, were up about 1% in early Wednesday trading. The deal also calls for Musk to remove himself as Tesla chairman within 45 days and can't be re-appointed for a minimum of three years. In the end, Musk and Tesla agreed to settle the charges "without admitting or denying the SEC's allegations". The plan called for their combined $40 million in penalties to be distributed to harmed shareholders through a court-approved process, the SEC has said. Two new independent directors will be recruited to join Tesla's board of directors. "That's our goal. I think we made really good progress in that direction. the drive unit that is going out now and for the last several months have been excellent".

Tesla did not respond to a request for comment. The electric sedan starts at $35,000 for the standard version. Tesla is banking on the Model 3 to turn a profit. Buyers who pre-order the feature get a discount compared with those who wait for it to become available.

Watch Tesla trade in real time here.

Recommended News

  • Liverpool reportedly not interested in signing Aaron Ramsey

    Liverpool reportedly not interested in signing Aaron Ramsey

    Ramsey is set to leave the Emirates club after a decade of service in North London. It would be a huge loss for Arsenal to let Ramsey go for free.
    Princess Eugenie's blowout marriage to Jack Brooksbank needles palace

    Princess Eugenie's blowout marriage to Jack Brooksbank needles palace

    In another gorgeous black and white image, the couple smooch in the Scottish Stage Coach that picked them up from St. The official royal wedding photos of Princess Eugenie and Jack Brooksbank have been made public.
    Winning bidder says she will pay for Banksy painting that shredded itself

    Winning bidder says she will pay for Banksy painting that shredded itself

    News that the painting self-destructed went viral even before an Instagram account tagged to Banksy suggested he was behind the incident.
  • Cowboys, Jaguars look for consistency

    Cowboys, Jaguars look for consistency

    Depending on the week, your favorite team can convert you from devout believer to an agnostic or even an outright atheist. Fantasy tip: Bortles one of three in National Football League with three games of at least 375 yards passing this season.
    Trains cancelled in Lancashire due to 'severe weather' brought by Storm Callum

    Trains cancelled in Lancashire due to 'severe weather' brought by Storm Callum

    The family of a 21-year-old man who died in a landslide during Storm Callum has paid tribute to their "beautiful son". Big splash: A jogger is caught by the spray on Salthill promenade, Co Galway, during Storm Callum yesterday.
    Ford Motor Head Cancels Trip to Riyadh in Wake of Khashoggi Disappearance

    Ford Motor Head Cancels Trip to Riyadh in Wake of Khashoggi Disappearance

    The kingdom has called the allegations "baseless" but has offered no evidence the writer left the consulate. The market clawed back a little, but closed 3.5% down for the day.
  • This boxer just signed the richest sports contract in history

    The historic deal marks a major change in the boxing landscape, where its biggest stars traditionally fought on pay-per-view. I'd love to have the opportunity to prove myself at this point in my career.
    No Mega Millions Winner, Jackpot Now $868 Million

    No Mega Millions Winner, Jackpot Now $868 Million

    The odds of winning a jackpot remain abysmal at 1 in 258.9 million for Mega Millions and 1 in 292.2 million for Powerball. Now, there's more than a billion dollars up for grabs between the Mega Millions and the Power Ball drawing.

    Nick Bosa to leave Buckeyes, focus on National Football League draft

    He is set to be reevaluated in November, but will focus on preparing for the NFL Draft instead of rejoining the Buckeyes. Bosa had four sacks, a forced fumble and a fumble recovery for a touchdown in three games before suffering the injury.
  • Warren, Trump Now at Odds Over Million-Dollar Wager on Ancestry

    Warren, Trump Now at Odds Over Million-Dollar Wager on Ancestry

    But the report includes the possibility that she's just 1/1,024th Native American if the ancestor is 10 generations back. The study examined the average Native-American ancestry for Americans-including European, African and Latino Americans.
    Trump May Be Contractually Bound to Pay Out $1M to Charity

    Trump May Be Contractually Bound to Pay Out $1M to Charity

    In the South it became known as the "one-drop rule, " meaning that a single drop of "black blood" makes a person a black. The White House also tried to quickly dismiss the results. "I will only do it if I can test her personally", Trump said.
    PS4 Messages Designed to Brick Your Console Reported By Users

    PS4 Messages Designed to Brick Your Console Reported By Users

    Sony hasn't offered any guidance or responded to Mashable's request for comment, but a couple of crowdsourced fixes have surfaced. I hope anyone that's affected by this can easily reset their factory settings and get back up and running smoothly.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.