Elon Musk attracted a fair share of criticism after he tweeted that he was taking Tesla private at $420 and the funding for the same had been secured.
Am considering taking Tesla private at $420. Funding secured.
— Elon Musk (@elonmusk) August 7, 2018
Tesla’s shares witnessed a spike, and the Securities and Exchanges Commission charged the Musk for his false and misleading statements. The tweet costed him his position as the Chairman of the board; a fine of $20 million was also imposed on him.
Recently, just an hour before announcing on Twitter that he would be off Twitter “for a few days,” Elon Musk replied to a question by a follower. He said that his “taking Tesla private” tweet was worth the fine of $20 million.
— Elon Musk (@elonmusk) October 27, 2018
Earlier this month, Musk also took a jibe at SEC and tweeted, “Just want to say that the Shortseller Enrichment Commission is doing incredible work. And the name change has is so on point!”
According to the settlement between SEC and Musk, the Tesla founder is barred from contesting the chairmanship elector for three years, and Tesla will appoint an independent chairman.