Musk Marks End of Rogue Tweeting Era With SEC Deal

13 October, 2018, 19:25 | Author: Billie Castillo
  • Wanted at Tesla: A manager who can handle Elon Musk

Tesla's board has not made a final decision on who should... A federal judge is due to review the settlement on Thursday.

James Murdoch is the favourite to take over the chairmanship of volatile electric-carmaker Tesla from its embattled founder, Elon Musk, according to reports.

The SEC sued Musk last month, alleging securities fraud after the Tesla chief tweeted "false and misleading information" about potentially taking Tesla private, implying he had secured the necessary funding.

When the newspaper tweeted it out from its Twitter account, Mr Musk replied underneath: "This is incorrect".

He joined Tesla's board past year as a non-executive director and has reportedly said he wants the job of chair. She has yet to rule on the agreements with Musk and Tesla.

Tesla has filed an official trademark application for Elon Musk's "Teslaquila." .

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The commission alleged that Musk hadn't locked up the estimated $25 billion to $50 billion that it would have required to pull off that deal, and wanted to punish him by forcing him out as Tesla's CEO. One of the FT's sources said external candidates were still being considered.

Murdoch now serves on the boards of Twenty-First Century Fox and News Corp.

Tesla shares fell 1.1 percent to $254.15 in midday trading. Tesla has to pay a separate $20 million fine, which the SEC said will be returned to investors.

Besides finding a a new chairman, Tesla will also have to add two additional independent directors to its board.

"Elon Musk is building a great company but has been erratic to say the least when it comes to thinking about his investors", said Chaim Siegel, an analyst at Elazar Advisors.

In addition to the monetary penalties, the settlement requires Musk to resign from his role as chairman of the board at Palo Alto, Calif. -based Tesla and "comply with mandatory procedures to be adopted by Tesla concerning the oversight and approval of his Tesla-related public statements", according to the filing. As part of the settlement, Tesla must appoint two more independent directors to its board and implement procedures to oversee Musk's online communications - including his Twitter account.

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