In 2018, Musk was sued by the SEC for a tweet claiming that funding had been secured for potentially taking Tesla private.
The lawsuit characterized the tweet as false, misleading, and damaging to investors, and sought to bar Musk from serving as CEO of publicly traded companies.
Two days later, Musk settled with the SEC, without admitting or denying the SEC's allegations.
As a result, Musk and Tesla were fined $20 million each, and Musk was forced to step down for three years as Tesla chairman but was able to remain as CEO.
Musk has stated in interviews that he does not regret posting the tweet that triggered the SEC investigation.
In April 2022, the shareholder who sued Musk over the tweet, along with several Tesla shareholders, said that a federal judge had ruled that the tweet was false
although the ruling in question has not been unsealed.
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