The CEO of the World’s largest electric vehicle manufacturer is in trouble with the United States Securities and Exchange Commission.
Sometimes fact is stranger than fiction for Tesla and its CEO, Elon Musk. The polarizing CEO of the World’s largest electric vehicle manufacturer is once again in trouble with the United States Securities and Exchange Commission after the billionaire tweeted out Tesla news without prior approval.
In case you haven’t been following, here’s a brief timeline of events that has led us to this strange reality in which Elon Musk can’t tweet without formal approval.
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On August 7th, 2018 Elon tweeted that he had private funding ‘secured’ to take Tesla private. The now infamous tweet:
Days later reports surfaced that Tesla’s own board had no idea their CEO was considering such a move. Then came the news that Elon Musk may not have ever had funding ‘secured’ in the first place. By Mid-September rumors were swirling that the SEC would launch a criminal investigation into Elon’s tweets, which had greatly affected the price of Tesla’s stock.
Elon ultimately settled with the SEC and was forced to pay out $20 million to the SEC, and step down from his role as Chairman of the board.
