Tuesday, 16 October, 2018

Elon Musk Resigns As Chairman Of Telsa

Elon Musk to Resign as Chair of Tesla Board but Remain CEO Elon Musk to Resign as Chair of Tesla Board but Remain CEO
Elsie Buchanan | 01 October, 2018, 17:22

As part of the deal, Musk and Tesla will also both pay $20 million, while the former will neither admit nor deny the allegations.

The news of Tesla CEO Elon Musk settling with USA financial regulators sent the company's stock soaring Monday morning.

The $40 million in financial penalties "will be distributed to harmed investors under a court-approved process".

Billionaire businessman Elon Musk has stepped down as the Chairman of Tesla following a tweet where he claimed he has the funding and investor support to buy the publicly-traded company.

Coming under pressure from his lawyers and investors of Tesla, tech billionaire Elon Musk has agreed to step down as chairman of the company for three years and pay a $20 million fine in a deal with the United States stock market regulatory authority, Securities and Exchange Commission (SEC), to resolve securities fraud charges.

Benjamin Mendy: Pep Guardiola speaks to left-back over lateness
But the left-back posted images on social media late on Saturday of himself at the Anthony Joshua boxing bout at Wembley. Guardiola rebuked Mendy after the Manchester City defender turned up late to training on Sunday. "He knows it.


The settlement requires that Tesla appoint two new independent directors and establish a committee of independent board members.

Loup Ventures Managing Partner Gene Munster noted that the SEC settlement is the best outcome possible from Elon Musk's "funding secured" fiasco. Tesla was hit with a $20 million fine of their own.

Tesla shares sank last week after the SEC accused Mr Musk of securities fraud, opening up the prospect of a long-drawn out fight that could have seen Tesla lose its leader, undermine its ability to raise capital and cripple operations. The SEC's complaint alleged that Musk had made "false and misleading" statements, with Tesla's share price having risen on the back of Musk's tweet. On Saturday, the SEC released an update announcing that Musk had accepted a settlement for his lawsuit.

Analysts expect Wall Street will now be able to focus more on third quarter production numbers for the company's Model 3 sedan this week. Munster pointed out that the terms of the settlement actually works in Tesla's favor, as the appointment of a new, capable Chairman of the Board could help Tesla reach sustainability, as well as become the wake-up call that Musk needs with regards to his behavior online.

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