U.S. Judge approves settlement between SEC, Musk

FAN Editor
FILE PHOTO: Tesla Motors CEO Elon Musk reveals the Tesla Energy Powerwall Home Battery during an event in Hawthorne California
FILE PHOTO: Tesla Motors CEO Elon Musk reveals the Tesla Energy Powerwall Home Battery during an event in Hawthorne, California, U.S., April 30, 2015. REUTERS/Patrick T. Fallon/File Photo

October 16, 2018

(Reuters) – A U.S. judge on Tuesday approved the settlement between the Securities and Exchange Commission, Tesla Inc <TSLA.O> and its Chief Executive Officer Elon Musk.

Musk agreed to pay a $20 million fine and step aside as Tesla’s chairman for three years to settle charges that could have forced his exit from Tesla.

The company also accepted a $20 million fine, despite not being charged with fraud.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Arun Koyyur)

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