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Tim Higgins: Elon Musk's $20 million fine rocking Tesla investors
Elon Musk has been fined $20 million and will be forced to resign as chairman of Tesla after reaching a settlement on fraud charges.
Musk was accused of posting "false and misleading information" to Twitter about taking his company private at $420 a share on August 7.
The acclaimed engineer told his followers he'd secured funding and only needed a shareholder vote to proceed, but this was untrue.
The US Securities and Exchange Commission (SEC) claims Musk's tweets had no factual basis, and caused chaos in the stock market, which hurt investors.
Tim Higgins from the Wall Street Journal says it has caused a lot of fear for investors.
"Investors really reacted with fear at the idea that Elon Musk might be kicked out of the company."
LISTEN ABOVE AS TIM HIGGINS SPEAKS WITH MIKE HOSKING
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By Newstalk ZBElon Musk has been fined $20 million and will be forced to resign as chairman of Tesla after reaching a settlement on fraud charges.
Musk was accused of posting "false and misleading information" to Twitter about taking his company private at $420 a share on August 7.
The acclaimed engineer told his followers he'd secured funding and only needed a shareholder vote to proceed, but this was untrue.
The US Securities and Exchange Commission (SEC) claims Musk's tweets had no factual basis, and caused chaos in the stock market, which hurt investors.
Tim Higgins from the Wall Street Journal says it has caused a lot of fear for investors.
"Investors really reacted with fear at the idea that Elon Musk might be kicked out of the company."
LISTEN ABOVE AS TIM HIGGINS SPEAKS WITH MIKE HOSKING