Tesla Was Part of Scrapped SEC Agreement

(Bloomberg) -- A scrapped settlement between the Securities and Exchange Commission and Elon Musk also involved Tesla Inc., according to a person familiar with the matter.

The deal, which fell apart, would have included a temporary bar on Musk from serving as the company’s chairman. He would have faced financial penalties of between $5 million and $10 million, said the person who asked not to be named because the settlement wasn’t public.

Tesla would have paid a lesser financial penalty under the accord, the person said.

SEC spokesman Ryan White declined to comment.

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