Saturday, 17 November, 2018

Elon Musk Fined $20M, Removed as Tesla Chairman Over Tweet

Elon Musk is being sued by the SEC Elon Musk is being sued by the SEC
Andy Castillo | 30 September, 2018, 01:57

Elon Musk must step down as Tesla chair and pay a fine after reaching a deal with United States regulators over tweets he posted about taking the firm private. "Shareholders could either to sell at 420 or hold shares & go private", he wrote in a follow-up tweet. The SEC said the company had no way to determine if his tweets contained information that must be disclosed in corporate filings, or if they contained complete and accurate information.

At issue is an August 7 tweet from Musk that said he was "considering taking Tesla private at $420" and asserted that he'd secured funding for the move. Musk will also be forced to step down from his position of as Tesla Chairman. Tesla is required to appoint two new independent directors to its board.

Steven Peikin, Co-Director of the SEC's Enforcement Division added: 'As a result of the settlement, Elon Musk will no longer be Chairman of Tesla, Tesla's board will adopt important reforms -including an obligation to oversee Musk's communications with investors-and both will pay financial penalties.

India's top court upholds constitution validity of Aadhaar card
He had argued that Aadhaar violated the right to privacy and had no legislative backing. He stated that it may be politically expedient but is constitutionally impermissible.

Musk will reportedly remain Tesla CEO and the settlements don't require either him or Tesla to admit guilt.

Stephanie Avakian, Co-Director of the SEC's Enforcement Division said: 'The total package of remedies and relief announced today are specifically created to address the misconduct at issue by strengthening Tesla's corporate governance and oversight in order to protect investors'. He went on to say, "The resolution is meant to prevent further market disruption and harm to Tesla's shareholders".

Mr Musk initially responded to the charges by saying the action was "unjustified" and he acted in the "best interests of truth, transparency and investors".

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