Elon Musk: Chastened, but still in the driver's seat

It all comes back to the tweet heard 'round the world

Elon Musk.
(Image credit: Joshua Lott/Getty Images)

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"That was quick," said Peter Henning at The New York Times. Tesla chief Elon Musk last week faced the possibility of being banned for life from running a public company, after the Securities and Exchange Commission accused him of misleading investors. His crime? An August tweet in which he falsely claimed to have "funding secured" for a buyout of Tesla at $420 a share. But just two days after he was sued by the SEC, the mercurial entrepreneur agreed to a settlement that will see him pay a $20 million fine and step down as Tesla's chairman for three years. That's a year longer, and $10 million more, than a deal Musk had arrogantly turned down earlier in the week. Critics accused the SEC of "letting him off easy," said David Gelles, also at the Times. But regulators decided to balance the penalty for violating securities law with investors' fervor for Musk, who is Tesla's "animating force." Within hours of the settlement, Musk was firmly back in the driver's seat, sending workers exhortations to keep "going super hard-core" — at 1:08 a.m. The CEO's behavior "remains a wild card," and Tesla's board must now "babysit Musk to make sure he doesn't say anything that could get him or the company in trouble."

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