The Chief Executive Officer of Tesla Motors Elon Musk, coming under pressure from his attorneys and investors of the company has agreed to step down as chairman and pay a $20 million fine in a deal with the United States stock market regulatory authority, Securities and Exchange Commission (SEC), to settlesecurities fraud charges.
The SEC announced the deal on September 9 - two days after it sued Musk in federal court for misleading investors over his post on Twitter last month that he was considering taking Tesla into private ownership.
Musk said that he had “funding secured” for a buyout of the electric car company at $420 a share, reports The New York Times.
Musk will be allowed to remain as CEO but must leave his role as chairman of the board within 45 days, under the settlement, which requires court approval.
According to court filings, he cannot seek re-election for three years.
This story is from the Wishesh Magazine October 2018 edition of Wishesh.
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This story is from the Wishesh Magazine October 2018 edition of Wishesh.
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