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Tesla-Musk $40 million SEC fine distribution plan approved


A judge approved the US Securities and Exchange Commission’s plan to distribute $40 million to Tesla Inc shareholders. from money paid by the company and CEO Elon Musk in a 2018 settlement via his Twitter posts.

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March 26, 2022, 11:58 am

Photo of Tesla's electric cars at a dealership in the US.  (Bloomberg)
Photo of Tesla’s electric cars at a dealership in the US. (Bloomberg)

A judge approved the US Securities and Exchange Commission’s plan to distribute $40 million to Tesla Inc shareholders. from money paid by the company and CEO Elon Musk in a 2018 settlement via his Twitter posts.

U.S. District Judge Alison Nathan on Friday approved the regulator’s plan to pay the sums to Tesla shareholders who suffered short-term losses in the company’s stock price surge after Musk announced announced on Twitter that he was thinking of listing the company. Tesla shares fell the next day.

Musk has complained that the SEC is hindering the distribution of fines and that the agency is using the 2018 settlement to stifle his freedom of speech. He is seeking to end SEC scrutiny of his Twitter posts. The SEC argued that Musk’s tweets about Tesla were a valid subject for government investigation with or without a settlement.

Under the SEC’s plan, the money will go to losing investors who buy Tesla stock between 12:48:16 p.m. EDT on August 7, 2018 and 4 p.m. EDT on August 8.

The suit is US Securities and Exchange Commission v. Musk, 18-cv-08865, United States District Court, Southern District of New York (Manhattan)

Date of first publication: March 26, 2022, 11:58 AM IST



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