Elon Musk resigns as Tesla chairman, but remains CEO
Elon Musk resigns as Tesla chairman, but remains CEO
Elon Musk agrees to step down as Tesla Chairman, to pay $20 million fine
02 October, 2018, 17:57
Shares of Tesla (TSLA) spiked Monday after the SEC settled a lawsuit accusing the company's founder and CEOElon Musk of defrauding investors when he tweeted last month that he was considering taking the company private.
A fine of $20m and the loss of chairman seat later, Musk remains Tesla's CEO after agreeing on a deal with U.S. regulators.
Musk's tweets and the idea of taking the company private was clearly aimed at the "short-sellers" who have made Tesla the most targeted stock on the USA market, and created an industry in social media campaigns against the company and Musk himself.
Tesla must also hire an independent chairman to oversee the company. SEC says that this amount will be distributed to harmed investors under a court-approved process.
Elon Musk may be starting to put those take-private tweets behind him, but his fortune will need more time to recover.
"The resolution is meant to prevent further market disruption and harm to Tesla's shareholders", Peikin added.
"The stock was down so much on Friday because it was unclear if he would remain with the company at all given what the SEC was pushing for", said Garrett Nelson from CFRA Research.
"The real worry for the company is not the SEC but private actions that follow a settlement like this", said Charles M. Elson, director of the Weinberg Center for Corporate Governance at the University of Delaware. "Musk had not discussed specific deal terms, including price, with any potential financing partners, and his statements about the possible transaction lacked an adequate basis in fact", the SEC claims.
He will stay on as chief executive of the company.
Elon Musk Tweet: The Reckless, Expensive Tweet! In reality, by no longer being the chairperson Musk can't call board meetings nor can he set their agendas. He'd be barred from taking back the chairmanship for three years, but he can continue to serve as Tesla's CEO.
The settlement marked a swift end to the SEC's lawsuit, which was filed Thursday.
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