That’s a high price to pay for a stupid pot joke.
Elon Musk must step down as chairman of the board of Tesla for three years — and he and the car company will each forfeit $20 million — under a punishing settlement forced by the Securities and Exchange Commission.
The settlement is Musk’s penalty for a market-scrambling joke tweet the billionaire entrepreneur and rocket scientist sent out two months ago “announcing” a $420-a-share takeover price for the company.
The number “420” is slang for marijuana use.
When first questioned by the SEC, Musk confessed that he had settled on the $420 figure to make a dumb pot joke to impress his girlfriend. At the time, Musk was dating the pop singer Grimes.