The founder, CEO, and the face of the car-maker Tesla, The Boring Company, SpaceX, and Solar City has given a tweet that costs him $40 million, and a step down as a chairman of the company within 45-days.He is also not permitted to be elected for the post again for three years. The US Securities and Exchange Commission on Saturday said this.
The SEC said that Mask would remain as the chief executive officer of Tesla under a settlement over the tweets those he has posted on Aug 7 regarding taking the company private.

 

The SEC charged Tesla the fine of $20 Million failing to disclosure controls and procedures for Musk’s tweets, SEC also said that the company do not had any way to tell whether his tweets contained any information that might be disclosed in the corporate filings or contain any valid or complete information.


Musk has to sign an agreement to neither admit-or-denied the guilt which means that he has misled his investors using a false statement.


The neither admit-or-denied clause means that he cannot claim that he have been innocent in future.