Tesla CEO Elon Musk settles with SEC, fined $40M and will step down as chairman

Tesla Motors CEO Elon Musk at Tesla Store opening in Westfield Mall, London, Oct 2013Tesla and its CEO Elon Musk settled a lawsuit with the Securities and Exchange Commission on Saturday that will result in a $40 million fine and a new chairman of Tesla’s board of directors. The lawsuit was filed after Musk claimed “funding secured” in tweet as he floated the idea of taking the automaker private on Aug. 7. DON’T MISS: DOJ wants to…

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