 Hey guys, this is rich here on behalf of rich TV live, and we have some breaking news huge news Elon Musk settlement with the SEC costs him the Tesla chairmanship and $20 million fine. Wow. This is true. This is breaking news Musk will remain the CEO of the electric car company and is expected to retain a seat on the board The securities and exchange commission reached a settlement of fraud charges on Saturday with Elon Musk CEO and chairman of Tesla Inc and with the company that forces Musk's removal as chairman of the Tesla board and The payment of a 40 million in penalty fine 20 by Musk himself personally and another 20 by Tesla. Wow Unbelievable looks like this was a cash grab for the SEC Musk will be Ineligible to be reelected chairman for three years. My goodness This is some big news the SEC filed a complaint against Musk on Friday that allowed that alleged when he Tweeted on August 7th that he could take Tesla under the symbol TSLA, which was down 13% on Friday Private at $420 per share a substantial premium to its trading price at the time He knew that the potential transaction was uncertain and subject to numerous Contingencies instead Musk had tweeted that funding for the transaction had been secured and that the only remaining Uncertainty was a shareholder votes You can see how the the market has reacted to this news It literally has started to fall according to the SEC Musk had not discussed specific deal terms including price with any potential financing partners and his statements about the Prospective transaction lacked an adequate basics. In fact Musk's misleading tweets caused Tesla's stock price to jump by more than 6% on August 7th and led to a Significant market disruption including hundreds of pages of complaints filed with the SEC According to a reporting by online media site the outline whose reporters said that had obtained 147 pages of complaints about Musk Investors in Tesla the SEC charged Tesla on Saturday with failing to have in place The required disclosure controls and procedures relating to Musk's tweets a charge that Tesla also has agreed to settle and which will result in comprehensive corporate governance modifications and other reforms at Tesla in addition to Musk's removal as chairman of the Tesla board to be Replaced by an independent chairman Tesla will also be required to appoint two new independent directors to its board Musk was expected to remain a member of the board of directors under the terms of the settlement Which are subject to court approval a Tesla spokeswoman did not immediately respond to request for comment late Saturday Musk and Tesla agreed to settle the charges Against them without admitting to or denying the SEC's allegations What do you think about this news if you like this news if you like the fact that I'm breaking this news Please smash the like button comment down below share this video everywhere and Remember risk TV live is strictly for education entertainment purposes Always do your due diligence always do your research before we invest in anything that we talk about here on rich TV live Elon Musk Settles with the SEC cost him 20 grand personally cost the company is 20 grand cost him 20 million personally And that's a good chunk of change and the company 20 million personally and he loses his chairmanship It's true. This is your boy rich bringing the news 24-7 even on a Saturday your boys bringing the news. I'm up. Peace