U.S. court confirmed a conciliation agreement between U.S. Securities and Exchange Commission and Tesla, according to which Elon Musk will not be able to occupy CEO’s position within three years.
Musk will also pay a fine, amounting to 20 million dollars, Reuters reports.
It should be reminded that U.S. Securities and Exchange filed a lawsuit against Elon Musk, related to the securities market. The claims were related to Musk’s message in Twitter on August 7, where he expressed his readiness to buy back Tesla shares from the market at $420. According to the commission, Musk’s statements led to failures on the exchange and caused damages to investors.
On September 29, it was reported that Musk will leave CEO’s post within 45 days and will be suspended for three years. The court also obligated Musk and Tesla to pay a fine, amounting to 20 million each.
