Elon Musk steps down as chairman of Tesla

[ReedeFox]

Elon Musk is stepping down as the chairman of Tesla after being made to pay a fine of 15 million quid. Yikes!



The decision came after the Securities and Exchange Commission decided to sue Musk on charges of alleged securities fraud. It all stems from one of Musk's tweets which falsely suggested he had secured financing to privatise Tesla for a price of around £300 per share. That tweet led to Tesla’s stock price soaring through the roof by 6% in just one day which caused a pretty huge disruption to the market. Then came the securities fraud complaints which then led to shares dropping by over 13% in after-hours trading. Eeash. Maybe someone just needs to take away Musk's Twitter account. Problem solved.



Apparently he'll stay on as chief exec, but has to step down as chairman for a three-year period. Tesla will also have to pay a separate £15 million fine for failing to have had preventative disclosure controls and procedures in place. This is all water off a ducks back for Musk though, who returned to Twitter to say he doesn't care the controversy. Yeah, you do you Elon – whether it be calling people paedophiles or smoking weed on The Joe Rogan Experience. It's just another normal day for Elon!