Elon Musk, CEO of Tesla, in a lawsuit filed by Tesla shareholders. The shareholders claim that comments Musk made on Twitter in August 2018 about the possibility of taking Tesla private were misleading and caused them to lose money. During his testimony, Musk stated that the $420 price mentioned in his tweet was not intended as a joke and was chosen as a "coincidence" regarding people using 420 to reference marijuana. He also added that it was picked because of the 20% premium over the stock price. The Securities and Exchange Commission (SEC) also launched an investigation and accused Musk of securities fraud, which he settled in 2018 without admitting or denying the agency’s claim. As part of the settlement, Musk had to step down as Tesla’s chairman and be replaced by an independent Chairman and pay a $20 million fine.
