SOC Investment Group alleges Tesla’s board isn’t independent enough and favors Elon Musk’s personal interests over shareholders.
The settlement
To satisfy the terms of the consent decree, Musk and Tesla paid a $20 million fine each, and Musk agreed to have tweets containing information likely to impact Tesla stock vetted by a securities lawyer before posting. The Tesla board had to add a higher ratio of independent directors to its ranks, as well.
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