Elon Musk to give up role of Tesla chairman

Elon Musk to give up role of Tesla chairman

"The open board chairperson role creates an opportunity for Tesla to potentially put someone in place that is capable of influencing Musk and helping Tesla reach sustainability", Munster said.

Musk, whose tweets on August 7 on a plan to take Tesla private that was later abandoned, has tweeted only once since the settlement was announced - posting a music video by rap group Naughty by Nature. Tesla will also need to bring a couple more independent directors on board.

They also hoped the settlement would cap several months of volatility around Tesla's shares driven by a series of tweets and public pronouncements by Mr Musk.

Musk and Tesla will each pay $20 million under the settlement, the SEC said in a statement Saturday.

"The resolution is meant to prevent further market disruption and harm to Tesla's shareholders", Steven Peikin, co-director of the SEC's Enforcement Division, said in the statement. "Funding secured." Later on, the SEC ruled that Musk never went through with his declaration and deal between the company and the Saudi sovereign wealth fund set to foot the bill on the buyout.

The settlement involved a hefty fine worth a total of $40 million, as well as Musk's resignation as Chairman for Tesla's Board of Directors, but it did allow him to keep his post as CEO.

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Tesla in recent years has become one of the most valuable American vehicle maker, with its stock worth more than $50 billion. However, if found guilty, Musk stood to lose a lot more than $20m and could have been ousted as CEO of the company.

According to a report, Elon Musk has resigned as the chairman of Tesla.

In the immediate aftermath of the "funding secured" tweet, Tesla stock rose by six per cent.

Stephanie Avakian and Steve Peikin, co-directors of the SEC's Enforcement Division, led the talks, taking the reins from the staff attorneys who worked the case, according two people familiar with the matter. The SEC said the company had no way to determine if his tweets contained information that must be disclosed in corporate filings, or if they contained complete and accurate information.

Tesla shares took a steep dive last Friday, plunging 13.90% amidst news of the SEC's lawsuit against the outspoken CEO.

The company is expected to release quarterly production numbers this week for the Model 3, seen by analysts as crucial to the carmaker's drive to achieve long-term profitability.

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