Wednesday, 17 October, 2018

Elon Musk surrender set to boost Tesla shares

Elon Musk to give up role of Tesla chairman Elon Musk Resigns As Chairman Of Telsa
Laurie Berry | 01 October, 2018, 21:37

Still, despite the ever-present controversy and turmoil surrounding Musk and his baby, Tesla still has a ton of believers on social media.

The CEO of Tesla, of course, Elon Musk's Twitter communications have always been patchy and seemingly unreflected. Hitting production and delivery targets has become increasingly important for Tesla's relationship with Wall Street investors after the auto maker struggled to increase production to meet demand of its new Model 3 electric vehicle. According to SEC, this settlement will assist Tesla to strengthen its corporate governance and protect its investors. In it, the regulatory body alleged that Musk made "false and misleading" statements in August tweets about his plans to take Tesla private at $420 a share.

That settlement must still be approved by a court, and does not end the Justice Department probe disclosed by Tesla into Musk's tweets or lawsuits by short-sellers and other investors alleging losses and securities law violations.

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".

Europe extends its Ryder Cup lead over the U.S
As a result, Woods' record this week reads 0-3, while his overall Ryder Cup output is a disappointing 14.5 points from 36 matches. It turned out to be the most lopsided European triumph since an 18.5-9.5 victory at Ireland's K Club in 2006.

Curiously, and as one of the parties to the deal, Elon Musk has accepted that he can never admit or deny that he has committed fraud, which in practice means he can never publicly state that he has done nothing wrong. In addition to appointing an independent chairman, Musk will be ineligible to be re-elected as chairman for three years.

"We believe Musk's settlement with the SEC is positive for all stakeholders and should allow TSLA to return its focus to producing quality cars", Baird analyst Ben Kallo said.

"The total package of remedies and relief announced today are specifically created to address the misconduct at issue by strengthening Tesla's corporate governance and oversight in order to protect investors", said Stephanie Avakian, co-director of the SEC's Enforcement Division. On Saturday, the SEC released an update announcing that Musk had accepted a settlement for his lawsuit.

Nelson told FOX Business the settlement, which is still subject to court approval, "reflects certainty Musk is going to remain with the company in the CEO role".

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