The electric vehicle maker is expected to report third-quarter production numbers on Tuesday, following a period of turbulence, including a run-in with securities regulators that culminated in Musk being ousted as Tesla's chairman and hit with a multimillion-dollar fine.
Elon Musk will give up the role of Tesla Inc. chairman and pay a $20 million penalty to settle fraud charges brought by the USA over his claims about taking the company private.
The surrender spared Mr Musk from potentially being ousted from Tesla, a prospect that had rattled investors and sent the company's shares sharply down at the end of last week.
However, Musk has agreed to a condition where he will not admit nor deny if he was guilty of committing the securities fraud. It alleged that Musk's statements - including the assertion that he had "funding secured" to take Tesla private - "were premised on a long series of baseless assumptions and were contrary to facts that Musk knew".
"We view Elon Musk and Tesla's settlement with the SEC as a positive change, as it should improve corporate governance and allow (an) investor focus squarely on operations", Canaccord Genuity analyst Jed Dorsheimer said.
The stock had dropped 14% on Friday after he'd turned down the initial settlement terms. On Saturday, the SEC released an update announcing that Musk had accepted a settlement for his lawsuit.Читайте также: Kavanaugh Nomination Voted Out Of Committee Amid Flake Proposal
The company has recently been struggling to meet audacious production goals for its Model 3 sedan.
Two new independent directors will be appointed to the board and a new committee of independent directors will be expected to put in place additional controls and procedures to oversee Musk's communications.
According to the SEC's complaint, Musk's misleading tweets caused Tesla's stock price to jump by over six percent on August 7, and led to significant market disruption.
Under the settlement, Tesla and Mr Musk will pay $20 million each to the securities regulator and Musk will step down as chairman but remain as chief executive.
According to analysts, the settlement is probably the best thing for both the SEC and Musk and Tesla, because the SEC is showing it can act to enforce change in protecting shareholders, while Musk-removed as chairman-will keep its CEO role at Tesla: a role analysts and Tesla believers see as crucial for the company.При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
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