Tesla Motors CEO Elon Musk reveals the Tesla Energy Powerwall Home Battery during an event in Hawthorne, California, U.S., April 30, 2015. REUTERS/Patrick T. Fallon
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It's nearly impossible to imagine Tesla Inc. without Elon Musk, its chairman, CEO, largest shareholder and public face.The agency accuses Musk, 47, of misleading investors with his infamous Aug. 7 tweets about taking Tesla private. Tesla shares slumped as much as 13 percent to $268.10 Friday, the biggest intraday drop in more than three years.Musk pulled out of a settlement with the SEC in which he and Tesla would have had to pay a nominal fine, CNBC reported, citing sources it didn't identify. While the CEO wouldn't have had to admit any guilt, Musk would have been barred from being chairman for two years, and Tesla would have been required to appoint two new independent directors, CNBC said.Aside from the drama surrounding Musk's tweet saying Tesla may go private and his decision less than three weeks later to stay public the company has been grappling with the departure of several top executives, most recently its vice presidents of global supply chain management and worldwide finance. Tesla's board, which includes Musk's brother Kimbal Musk, is closely aligned with the CEO. The company itself wasn't targeted in the lawsuit.
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