In addition to the investor lawsuit, Musk had also gotten into trouble with the US Securities and Exchange Commission through the tweet. They had also accused him of fraud. In a settlement, Musk eventually agreed to step down as chairman of Tesla’s board of directors and pay a $20 million fine.
He also committed to requiring lawyers to pre-approve his tweets that directly relate to Tesla’s business. Musk challenged this last measure in court in early March. He said Thursday he was forced into the deal with the SEC to save Tesla. Musk is currently trying to buy the online service Twitter himself.
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