Elon Musk: “420” Tweet That Resulted In $20M Fine Was “Worth It”

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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.

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.

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.

Also Read: IBM Buys Linux & Open Source Software Distributor Red Hat For $34 Billion
Anmol Sachdeva

Anmol Sachdeva

Anmol is a tech journalist who handles reportage of cybersecurity and Apple and OnePlus devices at Fossbytes. He's an ambivert who is striving hard to appease existential crisis by eating, writing, and scrolling through memes.
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