Elon Musk to step down as Tesla chairman

Elon Musk bowed to demands from America’s financial markets watchdog to give up his position as chairman of Tesla

In Musk I trust'. Bloomberg reports that Tesla's plunging stock price is a sign that investors wanted Musk to cut a deal with the Securities and Exchange Commission as soon as possible.

Now the SEC problem is out of the way, Tesla and Musk still have to face off against two more legal obstacles. Some have argued Musk should even give up the CEO role and assume a post such as chief technical officer.

Munster added that the settlement serves as a good opportunity for Musk to re-evaluate how interacts with the public on Twitter. In reality, by no longer being the chairperson Musk can't call board meetings nor can he set their agendas.

'If Musk can step away from the external stuff that doesn't matter, he'll make the game that much easier for himself, and that will be good for everyone, just like this settlement'. Not only that, Musk is also required to appoint two new independent directors to its board.

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.

However, Musk will remain as CEO of the company under the agreement made by the SEC.

Tesla is now valued at about US$51.8 billion in the stock market, taking back the title of the top USA automaker by market capitalization from General Motors Co.

Liz Swisher, Brett Kavanaugh's former Yale classmate, talks about college drinking
Whatever that means, according to the senators and the Republicans and the Republican majority, I want them to do that", he said. Democrats have raised questions about his temperament and whether he was truthful about the extent of his alcohol use.

That overshadowed concerns expressed by the company over a 40 percent tariff being charged by China for the import of its cars, which it said was blocking sales in the world's biggest electric auto market.

The Wall Street Journal reported on Friday that Musk apparently had a verbal deal with Saudi Arabia's sovereign wealth fund for considering Tesla's taking-on as a private space, on the records. The only thing standing in the way of an official announcement is a shareholder vote.

But rarely has the stock done both in such a short period of time.

However, SEC alleged that Musk has duped investors since he was completely aware of the fact that the potential transaction wasn't that secure.

The electric vehicle maker said it was speeding up construction of its Shanghai factory as it seeks to combat a huge competitive disadvantage against other producers and even other imported cars, which it said are carrying a lower 15 percent tariff.

Production was a bit below that number: Tesla said it built about 53,000 Model 3s.

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