Friday, 14 December, 2018

Elon Musk’s "Funding Secured" Tweet Just Cost Him & Tesla $40 Million

Elon Musk bowed to demands from America’s financial markets watchdog to give up his position as chairman of Tesla Elon Musk bowed to demands from America’s financial markets watchdog to give up his position as chairman of TeslaBOBBY YIP REUTERS
Laurie Berry | 02 October, 2018, 18:00

They also hoped the settlement would cap several months of volatility around Tesla's shares driven by a series of tweets and public pronouncements by Mr Musk.

However, the concessions that follow have given Musk a sigh of relief.

The deal with the powerful Securities and Exchange Commission, will require Musk to stand down as chairman, and cede sovereignty over his Twitter activities, and for both Tesla and Musk to pay $US20 million fines. "Nor did it have sufficient processes in place to that Musk's tweets were accurate or complete".

"The resolution is meant to prevent further market disruption and harm to Tesla's shareholders", Peikin added.

His tweeting led to him losing the job, but he's still tweeting.

.

"Not Guilty" Over a Pricey Charge?

A tweet can be worth a thousand words, or in Elon Musk's case, millions of dollars. Bolstered further by the company board's support, he turns thumbs down to anything being done wrong at all, let alone, done by him.

Earl Thomas Carted Off the Field With Leg Injury
Thomas has voiced his displeasure over his contract, which is in its final year and includes an $8.5 million salary. Seattle Seahawks free safety Earl Thomas suffered a leg injury during Sunday's game against the Arizona Cardinals .

"Defendant undertakes to comply with all mandatory procedures implemented by Tesla, Inc". The company and its fans made a strong push to get the cars to purchasers and prove that the hard phase Musk called "production hell" was coming to an end.

In a statement to CNBC, Musk called the allegations "unjustified".

He told his 22 million Twitter followers on 7 August that he might take Tesla private at $420 per share and that there was "funding secured".

"The SEC's complaint alleged that, in truth, Musk knew that the potential transaction was uncertain and subject to numerous contingencies". "By paying that size fine, it bolsters investors'" claims over stock market losses, he said. The SEC stated that his plans to make Tesla a private company have misled investors, resulting in Tesla stocks to tumble.

Musk said he has received broad investor support for the move.

An expanded board and new chairman offers hope "a true check on Elon will emerge and there will be greater accountability" over Musk's statements and business targets, Spak added.

Musk will be an independent Chairman for three years and will be considered ineligible to re-elected for the above mentioned time.

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