Elon Musk to give up role of Tesla chairman

Elon Musk to give up role of Tesla chairman

Tesla CEO Elon Musk reaches a settlement with the Securities and Exchange Commission after the agency filed a lawsuit against him; Facebook accounts of 50 million people have been compromised by hackers.

The settlement will require the billionaire to relinquish his role as chairman for at least three years, but he will able to remain as chief executive.

Tesla has turned to an army of volunteers to help it meet ambitious third quarter auto production targets after a bruising few days for chief executive Elon Musk, who was forced to pay $20m in order to settle a dispute with USA regulators.

You see, even with offerings like the Toyota Prius and Nissan Leaf, the idea of a market-friendly electric vehicle that's both stylish and fun-to-drive has never been more mainstream than it has with Musk and Tesla leading the charge.

At the same time, Tesla has also settled new charges of "failing to have required disclosure controls and procedures relating to Musk's tweets", and will also pay a penalty of $20m.




Ivan Feinseth of Tigress Financial Partners, also a Tesla analyst, called the settlement "an incredibly beneficial outcome for the company", adding that while he remains neutral on the stock, he would be a buyer in the $255-$275 price range. 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.

Stephanie Avakian and Steve Peikin, co-directors of the SEC's Enforcement Division, led the talks, taking the reins from the staff attorneys who worked the case, according two people familiar with the matter.

He arrived at the $420 a share figure by assuming a 20 percent premium on Tesla shares and rounding up one dollar because "he had recently learned about the number's significance in marijuana culture", and to impress his girlfriend, according to the SEC's complaint. Tesla shares plummeted 14% on Friday, the biggest drop in nearly five years. On Saturday, the SEC released an update announcing that Musk had accepted a settlement for his lawsuit.

Tesla did not immediately respond to requests for comment.

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