Elon Musk is appealing a Securities and Exchange Commission settlement to resolve securities fraud charges related to a now infamous tweet in which Musk claimed he had 'funding secured' to take Tesla private at $420 per share.
During the TED2022 conference in April, Musk maintained that funding to take Tesla private "was indeed secured" at the time and that he was "forced to concede to the SEC unlawfully" in order to save Tesla.
"At the time, Tesla was in a precarious financial situation, and I was told by the banks that if I did not agree to settle with the SEC that the banks would cease providing working capital, and Tesla would go bankrupt immediately. So that's like having a gun to your child's head," Musk explained. "So I was forced to concede to the SEC unlawfully. Those bastards. And now it makes it look like I lied when I did not, in fact, lie.
In addition to the pre-approval requirement, Tesla and Musk each paid $20 million in fines. Tesla was also required to add two new independent board directors and Musk was stripped of his chairman title. Under the terms of the settlement, Musk and Tesla neither admitted nor denied wrongdoing.
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