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9/29/2018, 11:36 PM (Source: TeleTrader)
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SEC settles charges with Tesla's Musk

The United States Securities and Exchange Commission has settled charges with Tesla's CEO Elon Musk, media reported.

According to the court documents filed on Saturday, Musk will pay a penalty of $20 million and step down as the chairman of the board for at least three years, but will remain Tesla's CEO. Musk's company will also pay a $20 million fine, appoint two new independent directors to the board and "put in place additional controls and procedures to oversee Musk's communications."

The SEC sued Musk and Tesla for fraud, saying that Musk lied when he tweeted that he had secured funding and is considering taking the company private when shares reach $420. Musk called the lawsuit against him "unjustified."

Baha Breaking News (BBN) / KP