Enlarge / Elon Musk in 2004, the year he became chairman of the board at a tiny electric car startup called Tesla. (credit: Paul Harris / Getty) Update: A few hours after this analysis published on Saturday, September 29, Elon Musk reached a settlement with the Securities and Exchange Commission (SEC) on a charge of securities fraud. Within the next 45 days, Musk will have to step down as chairman of Tesla and will be ineligible to return to that post for the next three years. However, Musk can continue in his role as the company’s CEO. Musk and Tesla have each agreed to pay $20 million in penalties, which will distributed to those investors that were harmed.

Tesla’s battle with the Securities and Exchange Commission could be the company’s biggest crisis in almost a decade. And it all started with a tweet.
“Am considering taking Tesla private at $420,” Musk wrote on August 7. “Funding secured.”
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Source: Car news one

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