Elon Musk to step down as Chairman of the board of Tesla

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shoopa
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Elon Musk to step down as Chairman of the board of Tesla

#1

Post by shoopa » September 29th, 2018, 5:56 pm

WOW one Tweet led to this?

Elon Musk agrees to pay $20 million and quit as Tesla chairman in deal with SEC
by Jackie Wattles @jackiewattles September 29, 2018: 5:48 PM ET
Elon Musk neutral expression
Elon Musk agreed Saturday to step down as chairman of Tesla and pay a $20 million fine in a deal to settle charges brought this week by the Securities and Exchange Commission.

Under the settlement, which requires court approval, Musk will be allowed to say as CEO but must leave his role as chairman of the board within 45 days. He cannot seek reelection for three years, according to court filings.

He accepted the deal with the SEC "without admitting or denying the allegations of the complaint," according to a court document.

The SEC alleged on Thursday that Musk misled investors when he tweeted on August 7 that he had secured funding to take Tesla private at $420 a share, causing Tesla's stock to soar. He had not secured the funding, the SEC said.

Separately, Tesla agreed Saturday to pay $20 million to settle claims it failed to adequately police Musk's tweet.

Tesla did not immediately reply to CNN's request for comment.

This is a breaking story and will be updated.
story is from https://money.cnn.com/2018/09/29/techno ... index.html



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#2

Post by TheButcher » September 29th, 2018, 7:19 pm

So that's him paying $20 million and Tesla paying another $20 million. For a total payment of $40 million?
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#3

Post by jag » September 30th, 2018, 8:16 am

He has so much money it means nothing to him to pay $20 million, he's one rich guy.
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#4

Post by cimage » September 30th, 2018, 8:05 pm

Musk started x.com sold the domain re-bought it recently, so he's got vision and business savvy.
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pussylover
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#5

Post by pussylover » October 1st, 2018, 9:07 am

I don't think he meant harm to anyone, he just said what he was thinking, $40 million in fines for a tweet is ridiculous.



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#6

Post by WhitelabelIT » October 1st, 2018, 10:29 am

pussylover wrote: ↑
October 1st, 2018, 9:07 am
 I don't think he meant harm to anyone, he just said what he was thinking, $40 million in fines for a tweet is ridiculous.
I would agree with him, that is ridiculous, but hell the guy has the money to pay it so why not right... I would be pissed to have to give up 20 million even if I had it as pocket change though
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#7

Post by BraSSballs » October 3rd, 2018, 6:48 am

People love to Tweet too much, just like our president.



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Elon Musk to step down as Chairman of the board of Tesla

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