US SEC seeks to close Musk and Tesla settlement fund

· Tech · United States

The US Securities and Exchange Commission is seeking to close a settlement fund tied to Elon Musk and Tesla, according to CNA. The fund was set up as part of a 2018 settlement over Musk's tweets about taking Tesla private, under which he and the company each paid $20 million and Musk gave up the chairman role. The SEC's move would end a long-running chapter in one of its highest-profile cases.

Why it matters：The closure would wind down one of the SEC's most visible enforcement cases and its oversight settlement involving a major company.

Key points

  • The SEC is seeking to close the settlement fund.
  • The fund stems from a 2018 settlement over Musk's tweets.
  • Musk and Tesla each paid $20 million.

Sources (original reporting)

More stories from this day