Elon Musk’s tweet will cost him……

Posted by Greg on

Well, that was fast… Tesla CEO Elon Musk has agreed to step down as chairman of his company and pay a hefty $20 million fine to settle charges brought last week regarding his reckless tweets. But don’t fret – Musk will remain CEO of the company. For the record, Musk accepted the deal without “admitting or denying” the accusations against him.

 

The money will go to… investors that were harmed by the tweet (so people shorting Tesla). Tesla will also appoint two new independent directors to its board to help oversee Musk’s communications. Yes, they will be watching him. And honestly, the result isn’t as bad as it could have been.

 

The SEC sought to ban Musk from… serving as an officer or director of any publicly traded company. However, the SEC may have decided that removing Musk as CEO would harm Tesla’s share price and hurt investors further. After all, what is Tesla without Elon Musk!? He is the madman we have all grown to know and love – never stop bein’ you, Elon…

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