SEC Asks To Disburse $40 Million In Investor Funds It Held Hostage For 4 Years

The Securities and Exchange Commission, or SEC, asked a judge for permission to disburse $40 million in funds to investors that were collected as part of a 2018 settlement with Tesla and its CEO Elon Musk.

The SEC said in a filing on Tuesday night that it was ready for a “fair and reasonable” means to distribute the funds to investors who were potentially harmed by Musk’s “funding secured” Tweet in 2018, according to Reuters. The penalties were a $20 million fine from Musk, a $20 million fine from Tesla, and other various regulations, including monitoring Musk’s Tweets.