Musk will pay $ 40 million under the agreement with the regulator

Elon Musk. Маск заплатит 40 миллионов долларов в рамках соглашения с регулятором© AP Photo / Paul Sancya

MOSCOW, 17 Oct — as part of the pretrial settlement between the company and Tesla the stock exchange regulator of the United States (the Commission on securities and exchange Commission, SEC) in the case of suspicion of fraud, consisting in attempts of market manipulation, its head Elon Musk from its own funds to pay 40 million in fines, according to the message of the company on Wednesday.

“Tesla and Elon Musk each will pay $ 20 million fine… Musk has notified the company that it would buy Tesla shares worth $ 20 million in the next trading session at the market price,” the company said. Thus, the entrepreneur will pay for all liabilities with own funds.

The statement also confirmed that under achieved in the pre-trial settlement of the warrants, the Mask will remain the head of Tesla, but it needs to abandon the post of Chairman of the Board of Directors a minimum of three years and will be replaced by an independent Chairman. Tesla also needs to appoint two new independent Directors and to elect a separate body composed of the Board of Directors, which will monitor public statements of their leaders. The members of this Committee must be approved by the regulator.

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