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Elon Musk Fined $20 Million And Forced To Step Down As Chairman Of Tesla

Elon Musk Fined $20 Million And Forced To Step Down As Chairman Of Tesla

Elon Musk has been fined $20 million and forced to step down as chairman of Tesla over his social media activity.

The tweet in question, which was posted back in August, read that he would make Tesla private by taking it off the stock market at $420 a share.

This caused chaos on the market and caused panic for investors, prompting the SEC, a US government regulatory body, to sue for alleged securities fraud.

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The engineering magnate said he had "secured funding" for the proposal, to which the SEC deemed the claims "false and misleading".

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It's a bitter blow for Musk, but he will remain as CEO of his innovative tech company, Tesla, with many promises in place that could alter modern day living.

The plans include moon tourism, in which he already has his first client, to autopilot cars that are already being tested on the roads.

Best focus on those Elon, rather than getting yourself into $20 million worth of trouble.