Fined $20 m, Tesla CEO Elon Musk agrees to resign

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TEsla CEO Elon Musk has been fined $20million and will be forced to resign as chairman of Tesla after reaching a settlement on fraud charges. Musk had been accused of posting a series of “false and misleading” tweets about the trading status of the electric car firm. The allegations relate to messages Musk posted to his 22 million followers on the social media site suggesting he would take Tesla private at $420 per share – a substantial premium to its trading price at the time. Musk claimed funding for the deal had been secured and that the only remaining uncertainty was a shareholder vote. The billionaire has now reached a settlement with the Securities and Exchange Commission (SEC), which is the US government’s business watchdog. Musk and the electric car company agreed to pay $40 million and make series of concessions to settle a government lawsuit alleging Musk duped investors with misleading statements about the proposed buyout

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