Wil James Murdoch be the new Chairman of Tesla?

07 October, 2018, 08:42 | Author: Shannon Aguilar
  • Tesla Directors Propose James Murdoch To Succeed Musk As Chairman Report

The SEC has responded by denying any plans for a name change, but won't be drawn on the content of the Tweet. However, Tesla's shares tumbled 2.5% in after-hours trading before showing some signs of improvements.

The SEC's allegation of fraud against Mr Musk related to tweets he posted in August in which he said he was considering taking electronic auto maker Tesla off the stock market and into private ownership.

The SEC charged Musk with defrauding investors after the Tesla chairman and CEO tweeted in August about having "funding secured" to take the company private at a certain target stock price.

The SEC and Musk will probably argue that removing Musk as CEO could further harm the company's stock, and thus hurt shareholders, he said.

The commission is asking the court for an order stopping him from making false and misleading statements along with repayment of any gains as well as civil penalties.

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The post risks putting back in play stiffer forms of punishment that the SEC sought last week, including a prohibition on Musk serving as officer of a public company.

Additionally, the agreement requires its board to create within 90 days a permanent committee comprised exclusively of independent directors that will oversee the implementation of the settlement SEC and set guidelines for top executives' communications with the public.

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"She may want to know why Tesla is paying a fine because the CEO doesn't know when to shut up", said Adam Pritchard, a University of MI law professor and former SEC lawyer.

Two days later, the agency announced that Musk agreed to a settlement deal that would force him to step down as Tesla's chairman and pay a $20 million fine.

Musk is a long time critic of what he believes is a bias towards Short Sellers (ask an accountant).

In June, Musk wrote that shorts "have about three weeks before their short position explodes"-presumably a prediction that Tesla's strong quarterly results would cause Tesla's stock to rise".

"I don't think the SEC would look at this as a denial of the facts alleged", said Peter Henning, a law professor at Wayne State University in Detroit.

He followed that up with a tweet that landed him in hot water with the Securities and Exchange Commission, writing that he was thinking of taking Tesla private at $420 a share - a pot joke meant to impress his girlfriend, according to the regulator - and that he had "funding secured". The judge's request for additional evidence suggests Tesla may not be out of the woods just yet.

Musk has been vocal about his animus toward short-sellers, especially in the past year as Tesla has struggled to meet the ambitious production goals that the CEO set for its Model 3 vehicle.

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