Monday, 15 October, 2018

Elon Musk steps down as Tesla Chairman after Controversial Tweet

Elon Musk to Resign as Chair of Tesla Board but Remain CEO Elon Musk to Resign as Chair of Tesla Board but Remain CEO
Orlando Vargas | 01 October, 2018, 17:22

The deal eases uncertainty over Tesla's future while removing Musk from a key role at the automaker he's led to become one of the most valuable in the world.

The $40 million in financial penalties "will be distributed to harmed investors under a court-approved process".

Al Gore could be a good pick for Tesla chairperson, as Elon Musk prepares to step down following his settlement with the US Securities and Exchange Commission (SEC) over the weekend. The SEC's lawsuit charged that the tweet, which caused Tesla's shares to jump, was misleading because he did not actually have the funding lined up for such a move.

Musk and Tesla will each pay $20 million under the settlement, the SEC said in a statement Saturday. Tesla was hit with a $20 million fine of their own.

The SEC filed its lawsuit Thursday, less than two months after Musk tweeted - falsely, according to the agency - that he secured funding to take the company private. 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.

Judiciary Committee to hold Kavanaugh vote Friday, senators say
But Senator Lindsey Graham, a Republican from SC , hit out at the Democrats following Blasey Ford's testimony. A Republican senator, John Cornyn of Texas, said he "found no reason to find ( Blasey Ford ) not credible".


Hurricane Rosa upgraded to category 4
In Arizona, remnants of tropical cyclones account for about 25% of the annual rainfall along the Colorado River, Norman said. That kind of rain would be significant for Yuma, which gets only 3½ inches of rain a year on average, Deemer said.


Brett Kavanaugh, "I Like Beer": Twitter Reactions and Memes
He said Kavanaugh's testimony about drinking and the drinking age was "for context" of how Maryland high schoolers obtained beer. The drinking age, as I noted, was 18, so the seniors were legal , senior year in high school people were legal to drink.


But several experienced litigators said on Monday that, while the DOJ probe is separate, the SEC's settlement could mark the end of official action against Tesla and Mr Musk.

As part of the settlement, Tesla will appoint an independent chairman, two independent directors, and a board committee to set controls over Musk's communications under the proposed agreement.

"Shareholders with Tesla will be able to go to sleep tonight knowing the Musk will remain at the helm of the company".

"The total package of remedies and relief announced today are specifically created to address the misconduct at issue by strengthening Tesla's corporate governance and oversight in order to protect investors", said Stephanie Avakian, the SEC's co-director of enforcement.

Investors anxious that heralded a long-drawn out fight with the regulator that would see Tesla lose its talismanic leader, undermine its ability to raise capital and cripple operations as it ramps up production of its crucial Model 3 sedan.

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