The U.S. Securities and Exchange Commission (SEC) will finally be distributing the $40 million settlement received from Tesla and Elon Musk four years ago.
A judge approved the distribution plan in court on Friday, just a few weeks after Musk accused the agency of not following through on their part of the 2018 settlement related to his infamous “funding secured” tweet. (via Reuters)
Since the SEC has held on to the money for four years, it has accumulated $1.2 million in interest, which will be included in the payout according to the SEC.
The settlement required Musk and Tesla to each pay a $20 million fine and for Musk to step down as chairman of the board.
Musk has accused the SEC of harassing himself and his companies. He believes the SEC is in a bad-faith effort to punish him for his first amendment rights and speaking out against the government and the SEC.