Elon Musk could be removed as CEO, face jail time


Tesla CEO Elon Musk faces a range of penalties from the civil charges the SEC revealed Thursday, according to a chair of the Securities and Exchange Commission.

“He can face a number of penalties … he can have fines imposed against him, he can effectively be barred for a period of time or permanently from serving as a principal officer or a director of a public company,” Former Chairman Harvey Pitt told CNBC’s “Closing Bell” on Thursday. “That last element would of course strike a very severe blow to Tesla.

A criminal probe reportedly opened by the Justice Department earlier this month could lead to even more serious consequences for the outspoken founder.

“It shouldn’t be forgotten that there’s a criminal investigation proceeding. If, in fact, criminal charges are brought and they are brought against Mr. Musk, he could face jail time as well as additional fines,” Pitt added.

This is breaking news. Please check back for updates.

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