Misleading tweet costly for Tesla founder

Elon Musk is stepping down as Tesla's Chair but is continuing as CEO after settlement with the US Security and Exchange Commission.

Photo: Kiichiro Sato/AP

Elon Musk, entrepreneur and founder of Tesla, has been fined USD 20 million for misleading investors with a tweet about taking Tesla private issued back in August.

Musk is also stepping down as Tesla's Chair but is being allowed to continue as CEO, shows a statement from the US Security and Exchange Commission (SEC), which has entered a settlement with Musk and Tesla, reports Reuters and AFP late Saturday CET.

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