Tuesday, 11 December, 2018

Tweet storm: Musk quits as chairman over false claims

Elon Musk to Resign as Chair of Tesla Board but Remain CEO Elon Musk to Resign as Chair of Tesla Board but Remain CEO
Laurie Berry | 01 October, 2018, 17:24

Shares of Tesla had plunged Thursday following the announcement that the SEC had sued Musk.

Steven Peikin, co-director of the SEC's Enforcement Division said the resolution is meant to prevent further market disruption and harm to Tesla investors.

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.

Shares of Tesla Inc (TSLA.O) jumped almost 16 percent on Monday after Chief Executive Elon Musk settled with the U.S. Securities and Exchange Commission (SEC) over charges of misleading investors, heading off moves to force him out. Tesla was hit with a $20 million fine of their own.

The SEC's lawsuit had sought to bar Musk from serving as an officer or director of a public company, a prospect that rattled investors.

"When companies and corporate insiders make statements, they must act responsibly", SEC Chairman Jay Clayton said.

Trump says Federal Bureau of Investigation probe into Kavanaugh is a 'blessing in disguise'
Ramirez contacted several former classmates to ask if they recalled the incident and said she couldn't be sure it was Kavanaugh. Jeff Flake, R-Ariz., and Lisa Murkowski, R-Alaska, said they wouldn't vote in favor of the judge's confirmation without one.

As part of a settlement of charges that Mr Musk misled investors, he will no longer sit at the head of the boardroom table.

From the beginning of this case, the SEC requested as a penalty that Elon Musk had left the position of chairman from the board of Tesla, something that has now been achieved.

In a blog post following the settlement, Munster said Gore would be an "interesting" choice for Tesla given his climate change credentials align with the company's ambitions.

But Musk, who is synonymous with the Tesla brand, will remain as chief executive under the settlement over tweets he posted on August 7 about taking the company private, the SEC said. On Saturday, the SEC released an update announcing that Musk had accepted a settlement for his lawsuit.

Investors anxious that heralded a long-drawn out fight with the regulator that would see Tesla lose its talismanic leader, undermine its ability to raise capital and cripple operations as it ramps up production of its crucial Model 3 sedan. Tesla did not immediately respond to a request for comment and Musk could not immediately be reached for comment.

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