{"id":2332,"date":"2018-10-01T10:31:00","date_gmt":"2018-10-01T09:31:00","guid":{"rendered":"http:\/\/www.wasteyourtime.co\/?p=2332"},"modified":"2019-09-05T22:10:40","modified_gmt":"2019-09-05T21:10:40","slug":"elon-musk","status":"publish","type":"post","link":"https:\/\/traders-paradise.com\/magazine\/2018\/10\/elon-musk\/","title":{"rendered":"Elon Musk made a deal with SEC: pay $20 million and quit as Tesla chairman"},"content":{"rendered":"<p style=\"text-align: right;\"><i><span style=\"font-weight: 400;\">2 min read<\/span><\/i><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2333\" src=\"http:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/elon-musk-made-a-deal-with-sec-he-will-pay-20-million-and-quit-as-tesla-chairman-e1538386063637.jpg\" alt=\"Elon Musk made a deal with SEC: He will pay $20 million and quit as Tesla chairman\" width=\"700\" height=\"395\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Elon Musk agreed Saturday to quite as Tesla\u2019s chairman of board and pay a $20 million fine in a deal to settle charges brought this week by the US Securities and Exchange Commission, alleging fraud and making \u201cfalse and misleading statements\u201d when he tweeted claims of having secured the funding for taking the company private at the share price inspired by marijuana culture.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This settlement requires court approval, and the main point of agreement is that Elon Musk will be allowed to stay as CEO but must leave his position as chairman of the board within 45 days. He is unable to be reelected for three years, according to court filings. Elon Musk accepted the deal with the SEC &#8220;without admitting or denying the allegations of the complaint,&#8221; according to a court document.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/elon-musk\/#Who_has_to_clean_after_Musk\" >Who has to clean after Musk?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/elon-musk\/#A_Teslas_spokesperson_confirmed_Musk_will_be_permitted_to_remain_a_member_of_the_board\" >A Tesla&#8217;s spokesperson confirmed Musk will be permitted to remain a member of the board.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/elon-musk\/#He_also_called_the_SECs_suit_%E2%80%9Cunjustified%E2%80%9D\" >He also called the SEC&#8217;s suit &#8220;unjustified.&#8221;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/elon-musk\/#That_means_the_situation_did_turn_out_differently\" >That means the situation did turn out differently.<\/a><\/li><\/ul><\/nav><\/div>\n<h4><span class=\"ez-toc-section\" id=\"Who_has_to_clean_after_Musk\"><\/span><strong>Who has to clean after Musk?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Also, Tesla agreed on Saturday to pay $20 million to settle claims it failed to clean up after Musk&#8217;s tweet. According to some sources, terms of this settlement are less favorable for Musk and Tesla than the SEC\u2019s initial offer of a nominal fee and 2 years ban on acting as a chairman of the board.<\/span><\/p>\n<blockquote><p><strong>&#8220;The $40 million in penalties will be distributed to harmed investors under a court-approved process,&#8221; the SEC said in a press release.<\/strong><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">The company also agreed to nominate two new independent directors to its board. And establish a board committee to oversee Musk&#8217;s communications.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"A_Teslas_spokesperson_confirmed_Musk_will_be_permitted_to_remain_a_member_of_the_board\"><\/span><strong>A Tesla&#8217;s spokesperson confirmed Musk will be permitted to remain a member of the board.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">SEC Chairman Jay Clayton said in a statement that &#8220;the prompt resolution of this matter on the agreed terms is in the best interests of our markets and our investors, including the shareholders of Tesla.&#8221; <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Following news that the SEC had filed the suit, Tesla&#8217;s market share dropped by about $7 billion to $45.2 billion by Friday. But the agreement which allowed for Musk to remain CEO may have prevented even more disastrous consequences. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ivan Feinseth of Tigress Financial Partners described the agreement as a &#8220;slap on the wrist&#8221; for Musk. He added that &#8220;the fact that he can remain CEO is very important for the company.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This announcement from the SEC came two days after the agency filed a lawsuit against Musk, contending he defrauded investors. The decision is based on tweets Musk sent on August 7. In that tweet, he claimed that he has had secured fundings to take Tesla private at $420 a share. That has caused the company&#8217;s stock to soar. He had not secured the funding and knowingly made false statements, alleges the SEC.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The lawsuit asked for banning Musk from serving as an officer or director of any publicly traded company.<\/span><br \/>\n<span style=\"font-weight: 400;\">But Elon Musk told Tesla&#8217;s staff, to \u201cignore the distractions\u201d, and hinted at being profitable.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"He_also_called_the_SECs_suit_%E2%80%9Cunjustified%E2%80%9D\"><\/span><strong>He also called the SEC&#8217;s suit &#8220;unjustified.&#8221;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<blockquote><p><strong>He assured staff that the company was close to &#8220;proving naysayers wrong.&#8221; <\/strong><\/p><\/blockquote>\n<p>With Sunday being the end of the quarter, Musk said that Tesla must go &#8220;all out&#8221; on production.\u00a0In order to &#8220;achieve a victory beyond all expectations.&#8221;<\/p>\n<p><span style=\"font-weight: 400;\">Last few weeks problems culminated for Tesla, and now the company is expected to report third-quarter production numbers this week.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/electrek.co\/\"><i><span style=\"font-weight: 400;\">Electrek <\/span><\/i><\/a><span style=\"font-weight: 400;\">reported that Tesla has already broken its record ahead of the third quarter&#8217;s close. They wanted to suggest\u00a0it would exceed production projection of 50,000-55,000 of Model 3. Tesla has already met an ambitious benchmark for its Model 3.\u00a0After setting a new quarterly production record in the second quarter.\u00a0<\/span><\/p>\n<p><strong>UPDATE 23th May 2019<\/strong>: Tesla&#8217;s stock hit a new 52-week low<\/p>\n<p><span style=\"font-weight: 400;\">The investors on Monday will also review Tesla&#8217;s settlement with the SEC.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once again, this agreement is not official; a court must approve it. Reports from Reuters on Friday marked that Musk &#8220;could settle with the SEC but was ready for a court fight.&#8221;<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"That_means_the_situation_did_turn_out_differently\"><\/span><strong>That means the situation did turn out differently.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<blockquote><p><strong>The question is whether Musk&#8217;s companions on the board decide to bring in a really strong chair. The one who will stand up to Mus<\/strong><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Jay Dubow, a partner at Pepper Hamilton and a veteran of the SEC&#8217;s enforcement division, says it is &#8220;unusual&#8221; that the SEC gave agreement to let Musk stay on as chief executive but exit the chairman role.\u00a0 \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Dubow said: <\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;The CEO is certainly more involved than the chairman in day-to-day operations.&#8221; SEC may have determined that removing Musk as CEO would cause more harm to Tesla&#8217;s share price, and thus harm investors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;I have always taken action in the best interests of truth, transparency, and investors,&#8221; Musk said. &#8220;Integrity is the most important value in my life and the facts will show I never compromised this in any way.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s still unclear whether or not the Department of Justice will file criminal charges against Musk. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">T<\/span><span style=\"font-weight: 400;\">esla confirmed earlier this month that the Department of Justice was investigating whether Musk&#8217;s comments about taking his company private constituted criminal activity. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">No matter what the outcome of the DoJ inquiry be, Elon Musk, for now, will stay on as Tesla\u2019s CEO and its public face which equally causes controversies and reassures investors in the bright future of the business.<\/span><\/p>\n<p><a href=\"https:\/\/traders-paradise.com\/magazine\/2018\/07\/money-risk-trading\/\"><b>Risk Disclosure (read carefully!)<\/b><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>2 min read Elon Musk agreed Saturday to quite as Tesla\u2019s chairman of board and pay a $20 million fine in a deal to settle charges brought this week by the US Securities and Exchange Commission, alleging fraud and making \u201cfalse and misleading statements\u201d when he tweeted claims of having secured the funding for taking [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":2334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1010,1004],"tags":[504,505,395,506,397],"class_list":["post-2332","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-companies-overviews","category-latest-financial-news","tag-20-million","tag-doj","tag-elon-musk","tag-sec","tag-tesla"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Elon Musk made a deal with SEC: pay $20 million and quit as Tesla chairman - Traders-Paradise<\/title>\n<meta name=\"description\" content=\"Elon Musk will be allowed to stay as CEO but must leave his position as chairman of the board within 45 days. 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