Friday, 19 October, 2018


Elon Musk Reportedly Says Tesla Is Close to Achieving Profitability

A Tesla logo is seen in Los Angeles California A Tesla logo is seen in Los Angeles California
Conrad Doyle | 01 October, 2018, 21:41

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.

The tweet suggested Musk would take Tesla off the stock market.

The message from the Tesla boss could bring some cheer to the workers as the last few weeks had been quite tumultuous for Musk who had on Saturday agreed to step down as chairman of the company for three years and pay a $20 million fine in a deal with the U.S. stock market regulatory authority, Securities and Exchange Commission (SEC), to resolve securities fraud charges.

And while it's bad news for Musk, people on Twitter have been quick to point out how a single tweet lost the world's leading electric vehicle company its visionary chairman. Tesla shares plummeted 14% on Friday, the biggest drop in nearly five years.

Musk is giving up the chairperson's role under a settlement announced Saturday with the Securities and Exchange Commission.

Automotive news website Electrek reported after the opening bell that Tesla had produced 53 000 of its Model 3 sedans in the third quarter, citing a source familiar with the matter. With products like the Model S, Model X and, even with its production woes, the Model 3, it's easy to see why. Musk won't be eligible to be re-elected as chairman for three years.

"We view Elon Musk and Tesla's settlement with the SEC as a positive change, as it should improve corporate governance and allow (an) investor focus squarely on operations", Canaccord Genuity analyst Jed Dorsheimer said. Monday's gains erased Friday's 14 percent plunge after the SEC filed its lawsuit late on Thursday. Tesla itself has also been slapped with a $20 million fine by the SEC, making Musk's tweet one of the most expensive in history.

But the claim on August 7 that he had the funding to take Tesla private, and a subsequent U-turn, stunned Wall Street and came amid public appearances which saw Musk smoke marijuana live on air and call a British diver in the Thai cave rescue a "pedo".

As part of the settlement with the SEC, Tesla will also appoint an independent chairman and two independent directors, responding to calls on Wall Street to relieve the pressure on Musk and provide more balance in the carmaker's management.

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