Judge Approves  $40 million settlement for Tesla Shareholders

The U.S. Securities and Exchange Commission has collected $40 million from Elon Musk and Tesla and has decided to distribute it to the shareholders. The judge has approved this distribution plan on Friday.  In the past four years, the U.S. Securities and Exchange Commission has collected nearly $1.2 million in interest, including in the payout.

The settlement required the entrepreneur and Tesla to pay a $20 million penalty and Musk to quit the chairman of the board. According to the entrepreneur, the Securities and Exchange Commission is harassing him and his businesses to exercise his constitutional rights and speak out against the government and the SEC.

The famous entrepreneur Elon Musk tweeted that he wants to make Tesla a pioneer in Electric Vehicles globally and plans to sell more electric vehicles. The company has set a target to deal with 20 Million Electic cars per year by 2030. In 2021, Tesla sold one million electric cars, an 80% increase compared to the previous year.

The electric vehicle company has 16 manufacturing facilities to manufacture the vehicle or make the parts for it. The company recently sold its first electric vehicle model Y performance trim, manufactured in its Germany factory. The company also invested 5 billion Euros in its manufacturing unit and started its manufacturing plant in Europe. The company aims to manufacture 5 lakh electric vehicles per year.