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Tesla CEO Elon Musk blames SEC for signing a settlement that forced him to step down as chairman in 2018

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Elon Musk, the CEO of Tesla, claims the Securities and Exchange Commission coerced him to accept a settlement that caused him to resign as chairman of the company in 2018.

He wants the agreement thrown out because he claims the Securities and Exchange Commission (SEC) has a personal grudge against him.

The agreement was reached after the SEC sued Tesla after Musk tweeted that he had “financing secured” to take Tesla private. According to the Telegraph, Musk was forced to resign as chairman of Tesla and was required to seek authorization from the business before sending out important tweets as part of the settlement.

If Governor DeSantis signs the law, it will take effect on July 1st.

 

“The SEC’s relentless regulatory pressure, combined with the collateral consequences of the SEC’s case against me, resulted in a circumstance in which I was obliged to sign the consent decree in 2018,” Musk explained. “I’ve never deceived stockholders.” I’d never deceive stockholders. I signed the consent decree to ensure Tesla’s survival and that of its stockholders.”

Musk’s actions, according to Tesla, should be celebrated rather than blamed. “The SEC should support [Musk’s stock sale tweets]: a CEO’s candor with the public and shareholders about a prospective stock sale,” the business stated.

If Governor DeSantis signs the law, it will take effect on July 1st.

 

 

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