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As the most reliable and balanced news aggregation service on the internet, DML News offers the following information published by DailyMail:

Elon Musk has been fined $20million and will be forced to resign as chairman of Tesla after reaching a settlement on fraud charges.

Musk was accused of posting ‘false and misleading information’ to Twitter about taking his company private at $420 a share on August 7.

The article goes on to state the following:

The acclaimed engineer told his followers he’d secured funding and only needed a shareholder vote to proceed, but this was untrue.

The SEC claims Musk’s tweets had no factual basis, and caused chaos in the stock market, which hurt investors.

Musk’s tweets saw Tesla’s stock jump by more than six per cent on August 7, but the price crashed by more than 13 per cent when the SEC filed its complaint.

He will be able to continue as the CEO of Tesla, but cannot be chairman again for three years. Musk will be solely responsible for paying his $20million fine.

CLICK HERE to read more from Daily Mail.

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