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Court approves Elon Musk’s securities fraud settlement with the SEC

The Verge Tuesday, 16 October 2018 ()
Court approves Elon Musk’s securities fraud settlement with the SECUS District Judge Alison Nathan has approved the proposed settlement between Tesla CEO and chairman Elon Musk and the Securities and Exchange Commission. The clock has now officially started on the various terms of the settlement, meaning Musk will soon no longer lead the company’s board of directors for the first time since he took the post in 2004.

Musk has 45 days to resign as chairman of Tesla. After he does, he won’t be able to step back into that role for three years. Tesla has to replace Musk with a new chairman within that same time frame, and it has 90 days to name two independent directors to the company’s board. Musk and Tesla have 14 days to pay equal $20 million fines, which the SEC says will be “distributed to harmed...
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