Not so long ago, Elon Musk has been accused of making the misleading statements regarding its decision of taking Tesla private (NASDAQ: TSLA). This time the billionaire has indeed suffered from the fake tweets he posted on the social network. As per the settlement, Musk would still be acting as the chief executive officer or CEO of Tesla. However, the fake tweets in regard to the investor support as well as funding have cost the billionaire his job as the chairman of the company. The brief details about the same can be read by clicking here. According to the US regulator (Securities and Exchange Commission), the false statements affected the stock markets and even impacted the investors.
The settlement done in the weekend states that Musk needs to resign in the time span of 45 days. Not only this, as per the settlement, Musk cannot act as the chairman for the period of 3 years. Elon Musk has been slapped with the fine of $US 20 million while the remaining $US 20 million would be paid by Tesla. As per the settlement, the company needs to appoint an independent chairman. Apart from this, two independent directors need to be inserted.
The shareholders of the company voted that the chairman and the CEO role would not be separated. Hence, the shareholders gave permission to Mr. Musk to take charge of both the roles.
The recent arrangement between with the Securities and Exchange Commission would help the investors and finally, they can take a sigh of relief. Earlier, the investors were concerned that if the proceedings take longer than usual time, it would negatively impact the company. According to the corporate governance experts as well as investors, the decision of SEC would positively affect Tesla. The top management of SEC stated that this immediate response is for the benefit of the investors as well as the markets. However, it is also beneficial for the Tesla’s shareholders.
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