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Elon Musk's 'misleading' tweet results in Board ousting

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HR Grapevine
HR Grapevine | Executive Grapevine International Ltd
Elon Musk's 'misleading' tweet results in Board ousting

Elon Musk will be stepping down as Tesla's Chairman for three years following fraud allegation.

The allegations follow an investigation from the Securities and Exchange Commission (SEC) relating to a tweet the Tesla Founder wrote regarding taking the company off the stock market into private ownership.

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Musk wrote he has secured funding to go private, prompting shares to briefly rise after the announcement.

However, the SEC said the tweet and its claims were “false and misleading.” The regulator said:

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