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U.S. Securities
Musk was sued by the U.S. Securities and Exchange Commission (SEC) for a tweet stating that funding had been secured for potentially taking Tesla private.[342][f] The securities fraud lawsuit characterized the tweet as false, misleading, and damaging to investors, and sought to bar Musk from serving as CEO of publicly traded companies.[342][346][347] Two days later, Musk settled with the SEC, without admitting or denying the SEC's allegations. As a result, Musk and Tesla were fined $20 million each, and Musk was forced to step down for three years as Tesla chairman but was able to remain as CEO.[348] Shareholders filed a lawsuit over the tweet,[349] and in February 2023, a jury found Musk and Tesla not liable.[350] Musk has stated in interviews that he does not regret posting the tweet that triggered the SEC investigation.[351][352] In 2019, Musk stated in a tweet that Tesla would build half a million cars that year.[353] The SEC reacted by asking a court to hold him in contempt for violating the terms of the 2018 settlement agreement. A joint agreement between Musk and the SEC eventually clarified the previous agreement details,[354] including a list of topics about which Musk needed preclearance.[355] In 2020, a judge blocked a lawsuit that claimed a tweet by Musk regarding Tesla stock price ("too high imo") violated the agreement.[356][357] Freedom of Information Act (FOIA)-released records showed that the SEC concluded Musk had subsequently violated the agreement twice by tweeting regarding "Tesla's solar roof production volumes and its stock price"
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