Elon Musk forced to resign as Tesla chairman, pay $20 million fine
Bad news for Elon.
Eccentric and controversial billionaire Elon Musk has agreed to resign as chairman of Tesla within the next 45 days. Musk cut a deal with the US Securities and Exchange Commission (SEC) after being investigated for false and misleading statements about the trading status of his company.
On Twitter back in August, Musk had claimed that he would be taking Tesla off the stock market — and falsely claimed that he had secured the funding to make this possible.
"In truth and in fact, Musk had not even discussed, much less confirmed, key deal terms, including price, with any potential funding source," the SEC said.
Musk, who will remain CEO of the company, cannot be re-elected as chairman for another three years.
In addition, Musk will have to pay a personal fine of $20 million dollars, as will the company itself.
Musk is also currently being sued by a rescue-diver who assisted in the rescue of 12 Thai children from a cave. After being told that his submarine could not be used to help the cause, Musk took to Twitter to call one of the divers — Vernon Unsworth — a "pedo" on several occasions.