Elon Musk resigns, pays $20m fine in settlement with SEC

Elon Musk resigns, pays $20m fine in settlement with SEC

Tesla has turned to an army of volunteers to help it meet ambitious third quarter vehicle production targets after a bruising few days for chief executive Elon Musk, who was forced to pay $20m in order to settle a dispute with U.S. regulators.

Musk's settlement with the SEC requires him to relinquish his role as chairman for at least three years and pay a $20 million fine to settle the commission's securities fraud charges filed over allegations of misleading investors.

Besides the settlement news, Tesla has another milestone this week.

"As a result of the settlement, Elon Musk will no longer be Chairman of Tesla, Tesla's board will adopt important reforms - including an obligation to oversee Musk's communications with investors - and both will pay financial penalties", Steven Peikin, Co-Director of the SEC's Enforcement Division, said in a statement. Sunday was the last day of the quarter.

"The stock was down so much on Friday because it was unclear if he would remain with the company at all given what the SEC was pushing for", said Garrett Nelson from CFRA Research. With products like the Model S, Model X and, even with its production woes, the Model 3, it's easy to see why.

On August 7, 2018, he posted a now-infamous tweet, saying: "Am considering taking Tesla private at $420".

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Tesla in recent years has become one of the most valuable American auto maker, with its stock worth more than $50 billion.

Others were so busy that volunteers showed up to help staff out.

"A $20 million fine is very small, (.) allows him to stay there and also introduces some healthy governance measures".

That's above the Wall Street consensus of 50 416 - the average estimate of five analysts polled by Bloomberg - and toward the high end of Musk's July forecast of between 50 000 to 55 000 Model 3s. On Saturday, the SEC released an update announcing that Musk had accepted a settlement for his lawsuit.

"The total package of remedies and relief announced today are specifically created to address the misconduct at issue by strengthening Tesla's corporate governance and oversight in order to protect investors", said Stephanie Avakian, co-director of the SEC's Enforcement Division.

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