Elon Musk to give up role of Tesla chairman

Elon Musk to give up role of Tesla chairman

Elon Musk to give up role of Tesla chairman

However, if found guilty, Musk stood to lose a lot more than $20m and could have been ousted as CEO of the company.

The SEC claimed Musk had mislead investors when he tweeted he secured funding to take Tesla private.

Investors were reassured as Elon Musk's Tesla reached a deal with regulators over the weekend.

In a sign of the manufacturing process improving, Musk in an email to employees on Saturday said the company was "very close to achieving profitability".

That's all on top of Tesla's hard-to-watch 2-year struggle to meet production goals on their new Model 3 (though, they did meet their Q3 goal). The brainchild of Tesla has a couple of times been associated with more than one actions that have landed him in trouble with his investors and even the media. Musk has said that he expected Tesla to achieve positive cash flow and profitability in the quarter, which ended on Sunday.

Going private involves a transaction (s) that take a company off the public market, meaning retail investors can no longer trade shares on the stock market. In addition to this punishment, Elon Musk and Tesla are required to pay a fine of $20 million each.

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Starting strong safety Jaquiski Tartt (shoulder) did not practice Thursday, and free safety Adrian Colbert (hip) was limited. The younger Reid said he wants to stay focused on football and helping the Texans win their first game.

The auto company has been aiming to hit a production target of between 50,000 and 55,000 vehicles per week, according to the company's own estimates.

The SEC charges against Musk shaved about $7 billion off Tesla's value.

"Shareholders with Tesla will be able to go to sleep tonight knowing the Musk will remain at the helm of the company". It was one of Elon's first tweets since settling with the regulatory agency.

The settlement also requires Tesla appointing two new independent directors, and Tesla setting up a "new committee of independent directors and put in place additional controls and procedures to oversee Musk's communications".

Tesla shares had sank last week after the SEC filed a lawsuit accusing Musk of securities fraud and demanding the Silicon Valley billionaire be removed his role as chief executive.

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