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Elon Musk resigns as Tesla chairman with multi-million dollar settlement

Elon Musk resigns as Tesla chairman with multi-million dollar settlement

On top of this, Elon Musk will also be required to resign as Chairman of Tesla within 45 days and he shall also be prohibited from holding this post for at least 3 years, however, he shall remain as CEO.

In emails to Tesla staff, Musk said that if the staff could pull through the pressure on Sunday, the company could be close to achieving an "epic victory" on production goals, CNBC reported.

On August 7th, 2018, Elon Musk used his prolific Twitter account to state that he was "considering taking Tesla private at $420" per share, claiming that funding was already secured.

They also hoped the row would cap several months of volatility around Tesla's shares driven in part by a series of rows over Musk's tweets and public pronouncements.

After repeatedly falling short of its manufacturing targets, Tesla probably produced about 53,457 Model 3s in the third quarter, according to a Bloomberg Tracker that uses vehicle identification numbers and other inputs to estimate output in real time. It was a bit flippant, and a notification of both items back-to-back - news of the settlement, plus Elon's tweet - leaves you with the impression Elon remains as unconcerned with The Man as ever.

Passenger plane crash landed into the ocean
Airways jet failed after it struck a flock of geese during takeoff from New York's LaGuardia Airport. The Federated States of Micronesia is a nation made up of over 600 islands in the Pacific.

Tesla in recent years has become one of the most valuable American vehicle maker, with its stock worth more than $50 billion. Musk is Tesla's largest investor, holding a 20-percent stake in the company.

Tesla is now looking to fill its chairman role following the company's announcement of Musk's resignation over the weekend. Tesla was hit with a $20 million fine of their own.

The settlement requires that Tesla appoint two new independent directors and establish a committee of independent board members. The SEC also filed papers that charged Tesla with failing to exercise proper oversight over Musk's actions and laid out a separate settlement of those charges.

Initially, Musk was ready to accept SEC's proposed settlement that stipulated he would step down as chairman for two years and pay between $5-10 million as a fine.


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