Musk will also pay $20 million. He has a net worth of $20 billion. Tesla will also pay $20 million. In June, the company had $2.2 billion in cash.
Jay Clayton is the SEC chairman. He said the resolution “is in the best interests of our markets and our investors, including the shareholders of Tesla.”
Investor Opinion
Many investors are relieved at the terms of the settlement. Some who were worried about Musk’s abilities to lead the company are glad to hear that a new chairman will be taking over. And those who were worried that the company might not fare as well without Musk’s leadership are glad to hear that he will be staying.
After the SEC filed charges, Tesla stock dropped 14 percent.
