On Thursday Elon Musk rejected a settlement with the S.E.C. over allegations he misled investors with his infamous “Funding Secured” tweet. In that tweet he said he was considering taking Tesla private at $420 per share and that funding was secured. Turns out that was not entirely true.
By Saturday he made an about face and accepted a deal with very similar terms.
It will require him to neither admit nor deny guilt, step down for 3 years as Chairman (1st deal was 2), and pay $20m fine (1st deal was $10m).
Further, Musk can’t tweet, send an email, talk in public, speak on earnings calls, release a deliveries report, etc., without it getting reviewed and approved by a seasoned securities lawyer. #lulz
Bears and Bulls alike will look forward to Elon returning to work on Monday.
Happy this worked itself out quickly. His projects are too important to fail because of his twitter fingers.