On Thursday last week, the U.S. Securities and Exchange Commission filed court papers against Tesla CEO Elon Musk at the Federal District Court in Manhattan.
It alleged Elon Musk was guilty of securities fraud and as such, moved that he face a trial by jury. At the time, Musk said he was “saddened and disappointed” by the allegations.
On Saturday, the SEC made a public announcement that it had reached a settlement out of court with Elon Musk and Tesla. If approved, it would require both Musk and Tesla to pay $20 million U.S. each to the SEC in fines, as well as see Musk step down as Chairman of the Board at Tesla.
Since this announcement, there’s been a lot of misinformation spread about what’s going to happen next — and what it means for Tesla and Elon Musk. Here’s the bare facts — and what we think it will mean for the company and Musk moving forward.
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