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Elon Musk: Tweet that cost $ 20 million was worth it

Elon Musk, CEO of Tesla and author of one of the most expensive weed jokes in the world, said that a tweet that sued him by the Securities and Exchange Commission and that cost him $ 20 million was worth it.

Musk, 47, had been trumpeting that the "hard" Twitter was Friday night, announcing the harsh atmosphere of the platform and rampant criticism, when a follower asked about August's flip-flop tweet about Tesla's confidentiality .

James Patten tweeted "What do you think cost you 20M, how was the" like "ratio in that?"

Musk tweeted "Worth it"

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Less than an hour later, Musk informed his 22 million followers that he would take a break from Twitter "for a few days."

The SEC slapped Musk with a lawsuit on September 27, almost two months after he tweeted about obtaining funds to take Tesla privately at $ 420 per share. The lawsuit accused Musk of lying to investors and tried to ban him from serving as executive director of any public company.

Later, Musk clarified that the tweet had been a joke. He said he had chosen the number $ 420 & # 39; & # 39; because he had recently learned about the meaning of numbers in the culture of marijuana and thought that his girlfriend "would find it funny, which is certainly not a good reason to choose a price," according to the SEC Complaint

The lawsuit affected Tesla's investors, and the company's stock fell 14 percent in the following days. Musk agreed to settle the lawsuit two days after he presented himself, resign as chairman of Tesla's board and pay a fine of $ 20 million. Tesla also received a fine of $ 20 million, and the money will be divided among the "injured investors," according to the SEC.

Tesla must also appoint an independent president before November 13 and keep the reins tighter of Musk's public comments, according to the agreement. Musk must now have the company sign all written statements, including on Twitter, that can be considered material.

This is not the only time that Musk's tweets have caused problems. In early September, a volunteer with a rescue effort in a cave in Thailand sued Musk for defamation after the executive published unsubstantiated tweets stating that the volunteer was a "fart" and a "child rapist."

Despite the flow of Twitter scandals, Tesla reported surprisingly strong gains last week, with better-than-expected car sales and a surprise profit. Musk called the quarter "incredibly historic" for his company at a conference call with investors, CNBC reported.

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