At the beginning of the summer Elon Musk took to Twitter to announce that he had received the proper funding to take Tesla private, however, just over two days ago the SEC sued the business magnate for fraud as what he said was classed as “false and misleading” according to the complaint filed by the U.S. Securities and Exchange Commission.
Well, in response, Elon Musk has resigned as chairman of the now-renowned electric automotive company that is Tesla. Specifically, Musk will not only have to step down within 45 days and stay away from the role for at least three years, but will also need to pay $20 million in fines and appoint two independent directors to the board in his absence. On the bright side for Musk, this doesn’t mean he is out of the picture completelyas he will in fact be able to remain the CEO of the company.
