Global, Transport & Logistics

Tweet that led to $20 million SEC fine was “worth it”, says Musk

Tesla Chief Executive Elon Musk said the tweet that cost him and the company $20 million in fines each by the US Securities and Exchange Commission was “worth it”.

Elon Musk, Tesla
Elon Musk, Tesla

On Friday, Musk tweeted that he will take a break from Twitter “for a few days.”

A Twitter user then replied to Musk asking “How about the one that cost you 20M, how was the ‘like’ ratio on that one?”.

How about that one that cost you 20M, how was the ‘like’ ratio on that one?
— James Patten (@yames51) October 27, 2018

Musk responded to the tweet with “worth it.”

In September the SEC charged Musk for misleading investors with tweets in August that said he was considering taking Tesla private at $420 a share and had secured funding. The tweets had no basis in fact, and the ensuing market chaos hurt investors, regulators claimed.

Tesla and Elon Musk have agreed to pay $20 million each to financial regulators and the billionaire will step down as the company’s chairman but remain as chief executive, under a settlement.

Tesla has been is expected to appoint an independent chairman in November.

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