Elon Musk settlement with SEC costs him Tesla (NASDAQ: TSLA) chairmanship and $20 million fine – RICH TV LIVE – Septemebr 29, 2018 – The Securities and Exchange Commission reached a settlement of fraud charges on Saturday with Tesla Inc. and Elon Musk that forces Musk’s removal as chairman of the Tesla board and the payment of $40 million in penalties.
Hey guys this is rich here on behalf of rich tv live and we have some breaking news huge news elon musk settlement with the sec costs him the tesla chairmanship and 20 million dollar fine wow this is true this is breaking news musk will remain the ceo of the electric car company and is expected to retain a seat on the board the securities and exchange commission
Reached a settlement of fraud charges on saturday with elon musk ceo and chairman of tesla inc and with the company that forces musk’s removal as chairman of the tesla board and the payment of a 40 million in penalty fine 20 by musk himself personally and another 20 by tesla wow unbelievable looks like this was a cash grab ford for the sec musk will be ineligible
To be reelected chairman for three years my goodness is some big news the sec filed a complaint against musk on friday that allowed that alleged when he tweeted on august 7th that he could take tesla under the symbol tsla which was down 13 percent on friday private at $420 per share a substantial premium to its trading price at the time he knew that the potential
Transaction was uncertain and subject to numerous contingencies instead musk had tweeted that funding for the transaction had been secured and that the only remaining of certainty was a shareholder votes you can see how the the market has reacted to this news it literally has started to fall according to the sec musk had not discussed specific deal terms included
Price with any potential financing partners and his statements about the prospective transaction lacked an adequate basics in fact musk’s misleading tweets caused tesla’s stock price to jump by more than 6% on august 7th and led to a significant market disruption including hundreds of pages of complaints filed with the sec according to a reporting by online media
Site the outline reporters said that had obtained 147 pages of complaints about musk from investors in tesla the sec charged tesla on saturday with failing to have in place the required disclosure controls and procedures relating to musk’s tweets a charge that tesla also has agreed to settle and which will result in comprehensive corporate governance modifications
And other reforms at tesla in addition to musk’s removal as chairman of the tesla board to be replaced by independent chairman tesla will also be required to appoint two new independent directors to its board musk was expected to remain a member of the board of directors under the terms of the settlement which are subject to court approval a tesla spokes woman did
Not immediately respond to requests for comment late saturday musk and tesla agreed to settle the charges against them without admitting to or denying the scc’s allegations what do you think about this news if you like this news if you like the fact that i’m breaking this news please smash the like button comment down below share this video everywhere and remember
This t v– lab is strictly for education entertainment purposes always do your due diligence always do your research before we invest in anything that we talk about here on rich tv live elon musk settles with the sec costs him 20 grand personally cost the cup in his 20 grand cost him 20 million personally and that’s a good chunk of change and the company 20 million
Personally and he loses his chairmanship it’s true your boy rich bring you the news 24/7 even on a saturday you were boys bringing the news hum oh peace
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Elon Musk settlement with SEC costs him Tesla (NASDAQ: TSLA) chairmanship and $20 million fine By RICH TV LIVE
