sec lawsuit: The SEC lawsuit charging Elon Musk with misleading investors sparked a settlement resulting in Musk hiring a new chairperson and two new, independent board members, according to The Toronto Star. David Zalubowski / The Associated Press Musk is giving up the chairperson's role under a settlement announced Saturday with the Securities and Exchange Commission. Whoever becomes the new chairperson of Tesla Motors will face the formidable task of reining in Elon Musk, the charismatic, visionary chief executive with an impulsive streak, while also helping Musk achieve his dream of turning Tesla into a profitable, mass-market producer of environmentally friendly electric cars. Besides a new chairperson, Tesla was also ordered to appoint two new, independent members to its board. The settlement stemmed from a lawsuit the SEC filed charging Musk with misleading investors in August with a tweet that said he had funding secured for taking the company private. A more assertive board could provide the kind of tighter oversight that many legal experts, and Tesla investors, say is overdue for a company of Tesla's market value.
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