US SEC seeks to close Musk, Tesla settlement fund
TSLA•The SEC asked a federal judge to close a $40 million fund created from civil fines paid by Elon Musk and Tesla. It said $41.53 million, including interest and after fees, was distributed to 3,350 claimants, while about $449,000 will go to the US Treasury.
1. Fund distributions complete
The SEC asked a federal judge in Manhattan to close the Fair Fund, created after Musk and Tesla each paid a $20 million civil fine to resolve the regulator’s 2018 securities fraud case. Neither admitted wrongdoing. The SEC said a claims administrator distributed $41.53 million, including interest and after fees, to 3,350 eligible claimants.
2. Claims and remaining funds
Claimants received 51.7% of their approved claims because their losses exceeded the fund’s size, and 3,046 claims were rejected. About $449,000 remaining in the fund will go to the US Treasury. The case is separate from a later SEC case over Musk’s disclosure of his early Twitter share purchases.
