Elon Musk Cannot Return as Tesla's (NASDAQ:TSLA) Chairman W/O Shareholder Vote

Elon Musk Cannot Return as Tesla's (NASDAQ:TSLA) Chairman W/O Shareholder Vote

Elon Musk Cannot Return as Tesla's (NASDAQ:TSLA) Chairman W/O Shareholder Vote

The U.S. Securities and Exchange Commission, Tesla Inc and Chief Executive Officer Elon Musk submitted a joint filing late on Wednesday in support of a settlement, saying the terms were in the best interest of investors. Rumors suggested the taunt could lead the SEC to take a tougher stance, as the settlement still needed to be approved by a judge.

Musk remarked simply that the report was "incorrect" on Twitter.

Mr Musk agreed to give up the chairmanship last month to resolve claims of fraud brought by USA financial regulators. He does get to keep his primary job as Tesla CEO and he could seek to be re-elected as chairman after three years if he doesn't again run afoul of the SEC.

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In August, the controversial entrepreneur said he was "considering taking Tesla private" with "funding secured" at US$420 ($580) per share.

Mr Musk has entered a trademark application that would see him own the rights to the name of a drink called "Teslaquila".

The two billionaires are locked in a space race alongside Amazon CEO Jeff Bezos, but that has not stopped Branson from sharing some friendly words of encouragement.

In fact, the company had to introduce two independent directors - Murdoch included - to the board exactly over concerns that the board is under too much influence by Elon Musk.

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The application comes in handy to understand the impact of increase in global temperatures caused by climate change. Much of the slowdown since 2016 was driven by a combination in reductions by the U.S. and China.

According to the filing, Mr Musk and his electric vehicle company have a "good faith intention" to develop a "distilled blue agave liquor". Hedge funds and other institutional investors own 62.03% of the company's stock.

Musk is the public face of Tesla, and any chairman would have to contend with his powerful personality. Musk's August 7 tweets caused the company's stock price to spike over 6 percent.

CNBC reports that while there is no guarantee that a tequila product from Tesla will make it to the market, the company filed an "intent to use" trademark for Teslaquila - meaning it has a good faith intention to apply the patent in the future.

"The $20 million in penalties will be distributed to harmed investors under a court-approved process".

Is Elon Musk Really Leaving Tesla?

Murdoch will not join his father, Rupert Murdoch, and his brother Lachlan at "New Fox" - the entity remaining after 21CF's sale of assets to Disney is completed.

He resigned from the board of Sky this week, following Comcast's successful bid for the European satellite broadcaster.

The agency further noted that sanctions against Elon Musk and Tesla are created to benefit investors by putting additional governance measures in the electric vehicle and energy company.

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