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Tesla Chief Executive Elon Musk

Tesla’s Musk pays $20m to settle Tweet charges, resigns as chairman

WASHINGTON: The US Securities and Exchange Commission (SEC) said Saturday carmaker Tesla and Chief Executive Elon Musk had agreed to pay $20 million each under a settlement that will also see the billionaire step down as chairman after a tumultuous two months for the company. But Musk, who is synonymous with the Tesla brand, will remain as chief executive under the settlement over tweets he posted on Aug. 7 about taking the company private, the SEC said. The SEC alleged in a lawsuit on Thursday that the tweets about…

Investors to get their say after Musk scuttles Tesla buyout

Investors on Monday will render their verdict on Tesla Chief Executive Elon Musk’s decision to abandon a proposed $72 billion buyout to take the luxury electric car maker private. Musk said in a blog post late on Friday that his decision to scuttle the proposed deal was motivated in part by existing Tesla shareholders who said they wanted the company to remain publicly-traded. The trading on Monday will be a test of how investors are taking the demise of the buyout plan, and their views on whether Musk, who owns about a…