Tesla: Elon Musk to leave as chairman
(CercleFinance.com) - The Securities and Exchange Commission (SEC) announced on Saturday that it had reached an agreement with Elon Musk, the founder of Tesla, two days after filing a complaint against him for fraud.
Elon Musk will therefore step down as chairman of the electric car manufacturer's board of directors and will not be eligible for re-election to this position for a period of three years. Two independent directors will be appointed to replace him. However, Elon Musk may remain the company's CEO: as such, for both the general public and investors he will remain, the "face" of Tesla.
In addition, Elon Musk and Testa will each be fined 20 million dollars. This sum of 40 million dollars will be paid to investors that have been harmed by the "episode" of the company founder's tweets. In these, he announced that he had the necessary funding to repurchase Tesla's shares, prior to the company's potential delisting. Before withdrawing this comment a few weeks later - and provoking the SEC's anger, which accused him of manipulating the share's price.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Elon Musk will therefore step down as chairman of the electric car manufacturer's board of directors and will not be eligible for re-election to this position for a period of three years. Two independent directors will be appointed to replace him. However, Elon Musk may remain the company's CEO: as such, for both the general public and investors he will remain, the "face" of Tesla.
In addition, Elon Musk and Testa will each be fined 20 million dollars. This sum of 40 million dollars will be paid to investors that have been harmed by the "episode" of the company founder's tweets. In these, he announced that he had the necessary funding to repurchase Tesla's shares, prior to the company's potential delisting. Before withdrawing this comment a few weeks later - and provoking the SEC's anger, which accused him of manipulating the share's price.
Copyright (c) 2018 CercleFinance.com. All rights reserved.