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Tuesday, Aug 20, 2019

Tesla CEO Elon Musk says tweet that cost him $20 million was ‘worth it’

The US Securities and Exchange Commision in September charged Musk with misleading investors with tweets on August 7 that said he was considering taking Tesla private at $420 a share and had secured funding.

world Updated: Oct 27, 2018 22:20 IST
Sarah Jacob
Sarah Jacob
File photo of Tesla Motors CEO Elon Musk in Providence, Rhode Island.
File photo of Tesla Motors CEO Elon Musk in Providence, Rhode Island.(REUTERS)

Tesla Inc.’s Chief Executive Officer Elon Musk said he was signing off Twitter for a few days, shortly after tweeting that the $20 million penalty he was given for announcing on Twitter that he had funding to take the electric vehicle maker private was “worth it.”

His sign-off culminated a series of tweets that included an announcement about the release of autopilot drive on navigation.

Earlier this month, a US judge approved Tesla and Musk’s $40 million settlement with the Securities and Exchange Commission over a probe of Musk’s August tweet citing funding being secured to take the company private. Musk would pay a penalty of $20 million as part of the deal.

The SEC settlement required that Tesla implement mandatory procedures and controls to oversee all of Elon Musk’s communications regarding the company in any format, including Twitter. It said any such written communications that contain information material to the company or its shareholders would need to be pre-approved.

Musk took to the social media service Friday, saying “on Twitter, likes are rare & criticism is brutal. So hardcore. It’s great.” A Twitter user wrote to him asking: “How about the one that cost you 20M, how was the ‘like’ ratio on that one?”. Musk responded to the tweet with “worth it.”

First Published: Oct 27, 2018 22:20 IST

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