Published: Tue, October 02, 2018
Markets | By Noel Gibbs

Elon Musk To Step Down As Chairman But Remain CEO

Elon Musk To Step Down As Chairman But Remain CEO

The SEC sued Musk on Thursday for misleading investors after falsely tweeting that he had secured funding to take the company private - also known in the securities biz as fraud.

The Securities and Exchange Commission asks Musk to remain the CEO of Tesla but only if he steps down from the position of Chairman for three years. Not only that, Musk is also required to appoint two new independent directors to its board.

The charges come after Musk claimed in August via a series of tweets that he was planning to take the electric auto maker private, and implied that such a move was imminent with "funding secured". "The resolution is meant to prevent further market disruption and harm to Tesla's shareholders", said SEC enforcement division co-director Steven Peikin.

Manchester United were horrendous in West Ham defeat - Luke Shaw
And the Sun also claims this has convinced Mourinho that someone representing United has been sniffing around the Frenchman. Valencia have lost each of their last four Champions League games, their worst ever streak in the competition.


"The real worry for the company is not the SEC but private actions that follow a settlement like this", said Charles M. Elson, director of the Weinberg Center for Corporate Governance at the University of Delaware. He went on to claim that the funding is already in a secure state but seeks a shareholder vote. The SEC stated that his plans to make Tesla a private company have misled investors, resulting in Tesla stocks to tumble.

A more assertive board could provide the kind of tighter oversight that many legal experts, and Tesla investors, say is overdue for a company of Tesla's market value. That total reportedly included about 53,000 Model 3 vehicles - Tesla's flagship sedan and the key to CEO Elon Musk's efforts to achieve sustained profitability.

"Tesla and the board of directors are fully confident in Elon, his integrity, and his leadership of the company, which has resulted in the most successful USA auto company in over a century", it said in a statement before the settlement with the SEC was reached.

Brewers, Cubs meet in one-game playoff for NL Central title
He even helped his cause at the plate with a two-out RBI single in the sixth that extended the Dodgers' lead to 5-0. The Rockies will throw German Marquez at the Dodgers who has had success against the Dodger blue in 2018.


The stock had dropped 14% on Friday after he'd turned down the initial settlement terms.

'.The lawsuit could serve as a wakeup call for Musk to tone down some of his public-facing behavior, particularly on Twitter, ' Munster explained. Tesla's showroom in Paramus, New Jersey, was closed by 8pm local time on Sunday.

Trump Admin Reportedly Allowing FBI to Expand Kavanaugh Investigation, Conduct More Interviews
On many occasions I heard Brett slur his words and saw him staggering from alcohol consumption, not all of which was beer. Her turn before the Senate committee was considered so powerful that even the White House was concerned.


Like this: