The U.S. Securities and Exchange Commission (SEC) has reached agreement with Elon Musk, according to which Musk will remain CEO of the Tesla Motors, but will step down as its president and pay a hefty fine.

According to settled charges over Elon Musk's aborted bid to take the company private, Elon Musk will step down as a chairman of the Tesla Motors for a length of at least three years, but will remain the CEO of the company. Tesla Motors will also have to appoint two new independent directors to its board and establish a new cometee of independent directors.  It will also have to take control of Musk's communications, better said tweets, which will need approval before being published.

Musk and Tesla Motors will also have to pay a fine of 20 million dollars each, with 40 million dollars gathered that way to be distributed among harmed investors under a court-approved process.

The settlement is still subject to court approval, but it already had an influence on Tesla's shares, which are traded on the Nasdaq. They closed down almost 15 percent on Friday.  

Sept. 30, 2018 Driving photo: Newspress

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