Elon Musk's SEC Settlement Approved by
US Federal Judge Tesla's shares jumped nearly
5% after the news broke. The SEC previously accused Musk of fraud when he said he had secured the funding needed to take Tesla private. The deal is a positive development for Musk and Tesla, which is in the midst of ramping up production and deliveries of its Model 3 sedan. The company is also trying to assure investors that it can become
sustainably profitable. In a joint letter, Musk and the SEC says the terms of their settlement would be in the best interests of investors. Under the terms of the deal, Musk has to pay a $20 million fine. He must also step down as Tesla chairman within 45 days for a period of at
least three years.
