Elon Musk will be able to continue to put his talent to the service of Tesla, but he is ousted from the post of chairman of the board of directors and will be topsy-turvy for its financial communication. At base, it is the sense of compromise that has had to sign, Saturday, September 29, the boss of the group of electric cars with the Securities and Exchange Commission (SEC).
The “constable” u.s. stock exchange had filed a complaint against Elon Musk Thursday, September 27, to be considered in a series of seven Tweet inaccurate, broadcast from 7 August, to withdraw its business from the odds at the price of 420 dollars for the action. There was nothing and no funding was provided for this operation is estimated at several tens of billions of dollars, contrary to what was alleged by Mr. Musk. The SEC had asked a court in Manhattan to deny to Mr. Musk from exercising any corporate office and officer in listed companies. The case had caused a fall of 14 % of the action on Tesla, whose investors believe that the future depends largely on his iconic boss.
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As soon as Friday, Mr. Musk went to Canossa, and a compromise was announced by the SEC : Mr. Musk will no longer be president (chairman) of the board of directors of his company for at least three years. A replacement independent will be appointed as well as two independent directors, to improve the governance of the company. Mr. Musk will be able to remain a member of the board of directors and the group chief executive officer (chief executive officer), but its communication will be put under guardianship. As of 2013, Tesla had notified that Mr. Musk would have to communicate with its shareholders on Twitter, but it turned out that these Tweets were in no way controlled. The board of directors will oversee from now on the communication of Mr. Musk with investors.