Elon Musk to give up role of Tesla chairman

Elon Musk to give up role of Tesla chairman

Besides the settlement news, Tesla has another milestone this week.

Investors in electric vehicle maker Tesla were buoyed by news that Elon Musk will have to step down as chairman of the firm.

Investors are cheering Tesla's deal with the SEC that keeps Elon Musk as the CEO. He added, "To be certain, we must execute really well tomorrow". An initial verdict of feat or failure could land as soon as Monday, in the form of Tesla's latest quarterly release.

In emails leaked to CNBC, Musk hinted that Tesla was "very close" to being profitable and told staff to "ignore the distractions".

As a result of these publications, Tesla shares rose 11% on the stock exchange, prompting the U.S. regulator to investigate the case.

The auto company has been aiming to hit a production target of between 50,000 and 55,000 vehicles per week, according to the company's own estimates.

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Musk, a co-founder of Tesla, is the company's largest stockholder, owning approximately 22 per cent of its outstanding shares.

Likewise, Tesla will pay another $20 million due to its failure to check whether Musk's announcements complied with the law.

As part of the settlement, Tesla will appoint an independent chairman, two independent directors, and a board committee to set controls over Mr Musk's communications under the proposed agreement.

Neither Tesla nor Musk admitted wrongdoing under the settlement, which was reached two days after the regulator sued the billionaire over his tweeted claims to have had the funding and investor support to buy out stockholders at $420 a share. "And I think this kind of behavior has a ripple effect, when there isn't steady leadership at the top". Bearish investors have been circulating photos of parking lots packed with Tesla vehicles that are uncovered and exposed to the elements as the carmaker has been going through what Musk has coined on Twitter to be "delivery logistics hell".

The settlement marked a swift end to the SEC's lawsuit, which was filed Thursday.

"It is possible that the DOJ investigation does not result in any criminal charges at least in part because the DOJ could determine that the SEC's action resolved the matter and that no further governmental action is required".

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