Tuesday, 11 December, 2018

Tesla shares jump as SEC settlement leaves Musk in CEO role

Elon Musk to Resign as Chair of Tesla Board but Remain CEO Elon Musk to Resign as Chair of Tesla Board but Remain CEO
Kelvin Reese | 01 October, 2018, 17:26

Musk and Tesla will each pay $20 million under the settlement, the SEC said in a statement Saturday.

Whoever becomes the new chairperson of Tesla Motors will face the formidable task of reining in Elon Musk, the charismatic, visionary chief executive with an impulsive streak, while also helping Musk achieve his dream of turning Tesla into a profitable, mass-market producer of environmentally friendly electric cars. The tweets had no basis in fact, and the ensuring market chaos hurt investors, the SEC said.

As part of the settlement, Tesla will appoint an independent chairman, two independent directors, and a board committee to set controls over Mr Musk's communications under the proposed agreement.

Coming under pressure from his lawyers and investors of Tesla, tech billionaire Elon Musk has agreed to step down as chairman of the company for three years and pay a $20 million fine in a deal with the USA stock market regulatory authority, Securities and Exchange Commission (SEC), to resolve securities fraud charges.

"Shareholders with Tesla will be able to go to sleep tonight knowing the Musk will remain at the helm of the company".

Pinoys safe after Air Niugini flight crashes into sea
The passengers managed to escape from the plane, and locals arrived shortly on small boats to assist with the rescue operation. US sailors were working on improving a wharf nearby, and one snapped a picture as they helped shuttle survivors to shore.

Rishi Kapoor's mother Krishna Raj Kapoor passes away
Raveena, who was one of the first film personalities to react to Kapoor's death, described her demise as the end of an era. Krishna Raj Kapoor, the matriarch of the Kapoor family passed away leaving the entire Kapor family to mourn this loss.

Iran nuclear deal: Plan put forward to dodge U.S. sanctions
Leftist Bolivian President Evo Morales bluntly declared that "the United States does not care about human rights or justice". It was only the third time in United Nations history that a USA president chaired a Security Council meeting.

Neither Tesla nor Musk admitted wrongdoing under the settlement, which was reached two days after the regulator sued the billionaire over his tweeted claims to have had the funding and investor support to buy out stockholders at $420 a share. Musk said August 7 in a company blog post that he was considering taking Tesla private at $420 per share, representing a 20% premium over the stock price following the company's second-quarter earnings release.

US securities regulators settled a lawsuit against Musk alleging that he made false and misleading statements about plans to take the company private in August.

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. The SEC's lawsuit charged that the tweet, which caused Tesla's shares to jump, was misleading because he did not actually have the funding lined up for such a move.

Emily McCormick is a reporter for Yahoo Finance.

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