This article traces the tweet that Tesla CEO Elon Musk generated in 2018 that resulted in a SEC penalty and stockholder payout.
Some saw the survey as a crowdsourcing invitation, but others decried it as a manipulation of stock valuation. Quickly afterward, the stock value plunged about $60 million. The survey coincided with Musk’s need to pay extensive tax bills on stock options he held.
over the period, with the lowest point of the period occurring a month later at $52.65 — or a 30% loss.COVID-19 hit the US. In response, the Federal Reserve dropped the federal funds rate to betweenthat its Board of Directors has approved and declared a 5-for-1 split of Tesla’s common stock in the form of a stock dividend to make stock ownership more accessible to employees and investors.
“In 2018, to settle the SEC’s action against him, Musk agreed to comply with Tesla’s mandatory procedures requiring pre-approval of certain of his Tesla-related public communications,” countered SEC regulator Melissa Armstrong in a filing in the federal court of Manhattan.
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