Elon Musk, chief executive officer of Tesla Inc., arrives at federal court in New York, on Thursday, April 4, 2019.
Natan Dvir | Bloomberg | Getty Images
Tesla CEO Elon Musk has reached an agreement with the Securities and Exchange Commission over his use of Twitter, according to an amended filing in U.S. District Court of the Southern District of New York.
The SEC sued Musk last year, alleging he made fraudulent statements on the social media platform. On Aug. 7, Musk tweeted that he had "funding secured" to take Tesla private at $420 per share.
The two parties originally settled the charges in September, but the SEC later sued Musk saying he violated the terms of that agreement. Musk was supposed to seek approval before tweeting material information about Tesla, but the SEC asserted that Musk never sought clearance for any tweet.
The Tesla chief had also agreed to pay a civil penalty of $20 million and forfeit his role as chairman of the board for at least three years.
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