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Elon Musk has to pay $20 million to settle with the S.E.C.

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6 years ago

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The SEC doesn't think your jokes are very funny, Elon.
The SEC doesn’t think your jokes are very funny, Elon.

Image: Getty Images for SXSW

2018%2f05%2f15%2f8e%2fhttps3a2f2fblueprintapiproduction.s3.amazonaws.com2.b03bfBy Alexis Nedd2018-09-29 22:23:30 UTC

Elon Musk’s ill-advised weed humor is going 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.

Musk 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. 

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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