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Elon Musk to step down as Tesla chair after fraud lawsuit

By David Mercer, news reporter
Elon Musk is to step down as chairman of electric car-maker Tesla after settling a fraud lawsuit with US regulators.
The billionaire entrepreneur has been fined $20m (€15m) as part of the deal with the US securities and exchange commission (SEC), but will remain as Tesla's chief executive.
He was sued by the SEC after being accused of making "false and misleading" tweets about potentially taking Tesla private.
Am considering taking Tesla private at $420. Funding secured.— Elon Musk (@elonmusk) August 7, 2018
He told his 22 million Twitter followers on 7 August that he might take Tesla private at $420 per share and that there was "funding secured".It prompted the SEC to file a lawsuit on Thursday for alleged securities fraud, saying Mr Musk had not discussed or confirmed key deal terms including price with any funding source.Mr Musk's tweets caused Tesla's stock price to jump by more than 7% on 7 August and led to "significant market disruption", the regulator said.In response, Mr Musk called the lawsuit "unjustified" and said he was "deeply saddened and disappointed".
Elon Musk to step down as Tesla chair after fraud lawsuit

Image:
Musk said the SEC's lawsuit was 'unjustified'
Tesla's share price plummeted by more than 10% the day after the legal action was announced, wiping more than $5bn from the company's market value.
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