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  • The Atlantic

    Elon Musk’s Fait Accompli

    Musk and Tesla have settled the SEC’s securities fraud lawsuit. The outcome feels like the end of an era for Musk.
    by Ian Bogost Sep 29, 2018 4 minutes
    Source: Bobby Yip / Reuters

    Two days after the Securities and Exchange Commission sued Elon Musk for securities fraud related to misleading tweets about Tesla, Musk and Tesla have reached an agreement with the SEC. The allows Musk to stay on as CEO, but requires him to relinquish the role of Chairman of the Board, and not to seek that post again for three years. In addition, Musk must pay $20 million in fines and agree to comply with corporate communication processes. Tesla has also agreed to pay $20 million in fines and to appoint two new outside members to the board. Musk and Tesla agreed to the terms without admitting or denying wrongdoing.

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