Tuesday, 16 October, 2018

Elon Musk turns to army of Tesla volunteers to hit targets

Elon Musk to give up role of Tesla chairman Elon Musk Resigns As Chairman Of Telsa
Elsie Buchanan | 01 October, 2018, 21:40

Tesla shares are expected to rebound today after Elon Musk was forced to stand down as chairman in a boardroom shake-up at the electric carmaker.

The electric auto maker is this week expected to reveal how many vehicle deliveries it made during the three months ending in September in an announcement that is being closely scrutinised by investors.

Tesla is expected to release third-quarter production this week, and investors are watching to see if it hit targets for the Model 3, a high-volume auto.

At Tesla dealerships in the U.S. and Canada, multiple showrooms took to social media to praise the volunteer workforce that had put a shift in.

Mr Musk, whose tweets on August 7 on a plan to take Tesla private that was later abandoned, has tweeted only once since the settlement was announced - posting a music video by rap group Naughty by Nature.

He accepted the deal with the SEC "without admitting or denying the allegations of the complaint", according to a court document.

Texas surf park closes after man dies from rare 'brain-eating amoeba'
The infection can not be passed from person to person and typically occurs during the summer months of July, August and September. Fabrizio "Fab" Stabile , 29, of Ventnor, N.J., died September 21 - five days after complaining of a severe, sudden headache .


The settlement should place more oversight on Musk as required by the SEC while not taking the "devastating" measure of forcing him out, industry insiders said last night. "The resolution is meant to prevent further market disruption and harm to Tesla's shareholders".

Bluff called, Musk settled and agreed to resign for at least 3 years and will pay a collective $40m fine between himself and Tesla.

Neither Tesla nor Musk admitted wrongdoing under the settlement, which was reached two days after the regulator sued the billionaire over his tweeted claims to have had the funding and investor support to buy out stockholders at $420 a share.

The company has recently been struggling to meet audacious production goals for its Model 3 sedan. He'll also not be eligible to be elected into the Chairman position for three years, Time reports. Monday's gains erased Friday's 14 percent plunge after the SEC filed its lawsuit late on Thursday.

The Securities and Exchange Commission (SEC) charged Tesla with fraud, alleging that CEO Elon Musk issued "false and misleading" statements.

As part of the settlement, Tesla will appoint an independent chairman, two independent directors, and a board committee to set controls over Musk's communications under the proposed agreement.

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