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Elon Musk to Resign as Chair of Tesla Board but Remain CEO

Elon Musk to Resign as Chair of Tesla Board but Remain CEO

Less than two days later, Musk and the SEC reached an agreement, in which he would step down as chairman for three years and pay a $20 million fine.

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.

The settlement requires that Tesla appoint two new independent directors and establish a committee of independent board members.

This is the result of an agreement that Elon Musk and Tesla made with the SEC, the Securities Exchange Commission, and is based on an investigation that was conducted where they sought to prove that the owner of Tesla had committed fraud by announcing that he wanted to withdraw Tesla from the stock market and buy all the shares of the company, already having investors ready to support it. Tesla's free cash flow in the second quarter totaled negative $739.5 million, bringing the company to a net loss of $717.5 million, the company reported in August.

Brett Kavanaugh: The nomination and the allegations in 300 words
Her expected graduation date was December 1984, although Rosano said, "We're still trying to figure out her graduation status". Christine Blasey Ford has alleged that at the age of 15 she was sexually assaulted by Kavanaugh in 1982.

Musk will purchase $20 million worth of the company's stock in the next trading opportunity, according to a person familiar with his plans. Some analysts had said that Musk's departure would harm Tesla's brand, fundraising abilities and stakeholders' confidence if the company lost its key visionary. He concluded the post saying that the "proposal to go private would ultimately be finalized through a vote of our shareholders".

Loup Ventures Managing Partner Gene Munster noted that the SEC settlement is the best outcome possible from Elon Musk's "funding secured" fiasco. But the SEC wrote in its complaint that "Musk's statements were premised on a long series of baseless assumptions and were contrary to facts that Musk knew".

He accepted the deal with the SEC "without admitting or denying the allegations of the complaint", according to a court document.

Emily McCormick is a reporter for Yahoo Finance.


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