Elon Musk reaches deal over tweets about taking Tesla private

30 September, 2018, 01:59 | Author: Kathy Ellis
  • Musk's Tesla position uncertain as US regulators sue Musk for fraud

On top of the $20 million fine, Tesla, which is also settling, will pay a $20 million penalty.

But Musk, who is synonymous with the Tesla brand, will remain as chief executive under the settlement over tweets he posted on August 7 about taking the company private, the SEC said.

Things could ultimately have been significantly worse for Musk, as the SEC had sought to bar him from serving as an officer or board member of a publicly traded company. Neither Musk nor Tesla are admitting any wrongdoing.

According to the terms of the settlement, Musk will pay a $20 (£15.3 / €17.2) million fine and these funds will be "distributed to harmed investors under a court-approved process".

Cosby is declared a 'sexually violent predator'
Psychologist Kristen Dudley testified on Monday that Cosby showed signs of a mental disorder and was likely to re-offend. Cosby could have served a 30-year sentence, as each of his crimes would result in 10 years of imprisonment.

In addition, Tesla must replace Musk with an independent chairman; Musk can't be considered as chairman for at least three years.

Tesla said in 2013 that it would use Musk's Twitter account to announce "material information about Tesla", but the company didn't really have any rules for how that might work or comply with SEC rules. He went on to say, "The resolution is meant to prevent further market disruption and harm to Tesla's shareholders".

In related news, SEC also charged Tesla with "failing to have required disclosure controls and procedures relating to Musk's tweets".

The SEC said those claims were "false and misleading". Tesla did not immediately respond to a request for comment and Musk could not immediately be reached for comment.

Recommended:

  • Arsenal boss Emery happy with 2-goal Welbeck: Contract talks?

    Arsenal boss Emery happy with 2-goal Welbeck: Contract talks?

    He added: "For Saturday [against Watford] he is another player I can try to help in the first XI". Their future is also important, but it's like that.
    Investigative group: Spy poisoning suspect is GRU colonel

    Investigative group: Spy poisoning suspect is GRU colonel

    The group eventually tracked down Chepiga's passport file, dated 2003, with a picture bearing a strong resemblance to Boshirov. The Metropolitan Police, who are investigating the poisoning, and the Foreign Office declined to comment on the report.
    The Aadhaar verdict simplified

    The Aadhaar verdict simplified

    Justice Chandrachud said, "Aadhaar violates the right to privacy as it could possibly lead to profiling of persons and voters". It added that Aadhaar is to empower the marginalised sections of the society, and it gives them an identity.
  • Meghan Markle closing vehicle  door herself sparks social media reaction

    Meghan Markle closing vehicle door herself sparks social media reaction

    Meghan says she's a feminist who fights for women's rights, but she signed away her chance to vote for our democracy. Her pared-back outfits allow the causes she champions and people she meets to take centre stage, they argued.
    Trump's economic boasts draw laughter from world leaders at UN

    Trump's economic boasts draw laughter from world leaders at UN

    Anwar Gargash, UAE Minister of State for Foreign Affairs said oil prices were driven only by markets, by supply and demand. He also touted progress made on border security and denuclearizing the Korean Peninsula.
    Michelle Guthrie Fired From Position As ABC Managing Director

    Michelle Guthrie Fired From Position As ABC Managing Director

    Deputy Labor leader Tanya Plibersek said she was perplexed by the decision and the board's statements had not clarified it. She said there is no justification for the Board to trigger the termination cause and she is considering her legal options.
  • This Is Why Fortnite Vaulted Those Weapons For Season 6

    This Is Why Fortnite Vaulted Those Weapons For Season 6

    According to reports, the game will lock up on the loading screen, rendering them unable to access the season 6 update . Epic also reports there were crashes for Xbox One players, which at the time of this writing, are now resolved.
    Cleveland Cavaliers remain interested in Minnesota Timberwolves G Jimmy Butler

    Cleveland Cavaliers remain interested in Minnesota Timberwolves G Jimmy Butler

    The Heat enter '18-19 with a almost identical roster as last season, when they went 44-38 to secure the No. 6 seed. One can only hope that the next team doesn't have to give up so much for Butler, especially in a contract year.
    Federer, Zverev extend Team Europe's lead in Laver Cup

    Federer, Zverev extend Team Europe's lead in Laver Cup

    Edmund then raced to a 7-2 lead in the 10-point tie-breaker that is used in the Laver Cup when the first two sets are split. Djokovic, victor of the past two grand slam titles, double-faulted on set point to give the South African the advantage.
  • Third woman comes forward with strong allegations against Brett Kavanaugh

    Third woman comes forward with strong allegations against Brett Kavanaugh

    She called for Kavanaugh to be investigated if he is to "legitimately" hold a lifetime seat on the court. In Wednesday's affidavit , she notes that she now holds "active clearances" for her work with the U.S.
    Paul Pogba May Cost Far More Than Barcelona Are Capable Of Spending

    Paul Pogba May Cost Far More Than Barcelona Are Capable Of Spending

    The post emerged at 10.28pm, minutes after Frank Lampard's Rams had dumped United out of the cup at the third round on penalties. Another frustrated player is Pereira who has just got limited opportunities since returning from a loan spell with Valencia.
    Four GOP Governors Want Senate to Delay Kavanaugh Vote

    Four GOP Governors Want Senate to Delay Kavanaugh Vote

    Ford", a tearful Brett Kavanaugh says. "That's a lot of wisdom from a 10-year-old", Kavanaugh said after another pause. Ford said in the summer of 1982, when she was 15, she attended a small house party with four boys and one other girl.


Popular

Air Niugini flight overshoots runway in Micronesia and crashes into ocean
In 2009, both engines on a US Airways jet failed after striking a flock of geese during takeoff from New York's LaGuardia Airport. Air Niugini is PNG's national carrier which services domestic network and global routes across Australia, Asia and the Pacific.

Euro 2024: Germany to host European Championship after seeing off Turkey's challenge
The famous Liverpool-Milan UEFA Champions League Final in 2005 was staged at the stadium which has a capacity of 76,761 people. An evaluation report by European football's governing body said giving the right to host to Turkey presented " risks ".

Christine Blasey Ford remembers "uproarious laughter" of alleged attackers
It has become less clear that Republican leaders will be able to hold Republican senators behind President Donald Trump's nominee. God, I hate to say it because these have been my friends. "He began running his hands over my body and grinding his hips into me.

Rod Rosenstein Has Verbally Resigned To John Kelly
The question now is for how much longer. "And we'll see", he said at a news conference, when asked if he would fire Rosenstein. Rosenstein appointed Mueller in May 2017, oversees his work and has repeatedly defended the breadth and scope of the probe.

Oculus Reveals New Flagship Wireless VR Headset
Quest will be bundled together with a new Touch controller that looked nearly similar to existing Touch controllers for Rift . The Quest features the "same best-of-class optics as Oculus Go ", and packs a resolution of 1,600 x 1,440 per eye.

Brett Kavanaugh’s Yale roommate believes latest sexual misconduct accuser
When news of Kavanaugh's nomination first came out, several law school faculty endorsed him in a Yale news release. An editor's note said the two did not "did not wish to dispute Ramirez's claims".

Osaka loses Pan Pacific Open final
Then the Swiss seemed to suddenly lose his nerve, making a catalogue of unforced errors to allowing the Slovak to break to love. Pliskova said. "I feel like I'm improving in every match, but the opponents are always more tough".

Olivier Giroud relishing Liverpool double header, reveals Carabao Cup aim
But it will be a good team, believe me! "It is an important game [tomorrow]". Klopp said: 'We are really competitive. "This team is really experienced".

OPEC raises forecast based on United States oil production
Absent signs that trade tensions have eroded Chinese demand , the market will continue to surge, Tradition's McGillian said. Bank of America's main scenario is for oil prices next year of around US$80 a barrel, according to the note.

Kawhi Leonard: I Came To Raptors With An Open Mind
The two-time Defensive Player of the Year was the focal point of today's Media Day in Toronto, as reporters questioned him about his reaction to coming to Toronto and his long-term goals.