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.

Hurricane Rosa weakens, Southern California to see rain and high surf
The National Hurricane Center said the main hazard is heavy rainfall, both in Mexico and the American Desert Southwest. Rain is expected to begin Sunday afternoon in southeastern California and Arizona, where 2-4 inches is likely to fall.

Another hairpin turn for Tesla as stock dives on SEC charge
If the company stays public, however, Musk could be forced to take a back seat role or exit the company entirely. Share value in Tesla is down more than 11.6 percent on the day, trading at $271.75 as of this writing.

Trump reopens FBI investigation into Kavanaugh
President Donald Trump ordered the FBI on Friday afternoon to reopen the background investigation of Supreme Court nominee Brett Kavanaugh .

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".

Related news:

Hot News

isis-killer-beheading-video-story-top Cardi B Turns Herself Into Police Over Fight at Strip Club
Oct 02, 2018 - 03:21
Another video showed the rapper being escorted out of the event by security. "You're angry and you're sad". And she's a featured performer on the top Billboard song at the moment , Maroon 5's "Girls Like You".

isis-killer-beheading-video-story-top Samantha Markle hoping for a ‘happy ending’ with Meghan after TV apology
Oct 02, 2018 - 03:02
She also appeared to hit out at negative comments about her father, Thomas Markle , 74 who is at the centre of the siblings' tensions.

isis-killer-beheading-video-story-top John Flannery ousted at GE after less than 2 years
Oct 02, 2018 - 02:09
More than 90 percent of the transactions Culp oversaw at Danaher were company takeovers, according to data compiled by Bloomberg . The Dow Jones Industrial Average removed GE from the blue-chip index last June, citing the company's poor performance.

isis-killer-beheading-video-story-top Fortnite Season 6 Trailer - Darkness Rises and Brings New Map Changes
Oct 01, 2018 - 02:33
It appears the Cube may continue to grow through Season 6 according to the following assets in the CubeGrowth folder. As you can see in the Tweet above, Calamity's dance adds a bit more realism to the overly-cartoony game.

isis-killer-beheading-video-story-top Canada's Freeland Postpones UN Speech With Nafta Talks Under Way
Oct 01, 2018 - 02:09
Canadian officials said they do not believe Trump can rework NAFTA into a bilateral deal without the approval of Congress. He has repeatedly said he is ready to walk away from the talks rather than sign a document he thinks is bad.

isis-killer-beheading-video-story-top How to Watch the Kavanaugh Senate Judiciary Committee Hearing Today
Oct 01, 2018 - 01:47
Taylor Foy, a spokesman for committee chairman Chuck Grassley , said there is "no reason to assign the letter credibility". And even if we did, we'd have no way to investigate the allegation as it was made anonymously and can not be corroborated.

isis-killer-beheading-video-story-top Former FBI agent explains Kavanaugh investigation process
Oct 01, 2018 - 01:01
Trump has instructed the FBI to re-open its background investigation for one week at the request of the Judiciary Committee . The Senate is set to vote on Kavanaugh's nomination after the FBI investigation concludes sometime this week.

isis-killer-beheading-video-story-top Barcelona 1-1 Athletic Bilbao
Oct 01, 2018 - 00:49
Messi came on in the second half and grabbed the assist for Munir El Haddadi's equaliser at the Camp Nou. Recent results have not been good but it is a long season'.

isis-killer-beheading-video-story-top Typhoon Trami injures 45, direct hit on Japan mainland expected
Oct 01, 2018 - 00:10
The storm has disrupted air travel, with an unspecified number of flights suspended Sunday, according to public broadcaster NHK. The bullet train service between Kumamoto and central Kagoshima was also halted, according to the Kyushu Railway Co.

isis-killer-beheading-video-story-top Danish police operation temporarily shuts major bridges, ferries to Sweden and Germany
Sep 29, 2018 - 21:50
Swedish newspaper Aftonbladet , quoting unnamed sources, said the operation was linked to a kidnapping in Denmark. Ferries between the island of Zeland and its neighbours - including Sweden and Germany - were also suspended.

isis-killer-beheading-video-story-top F-35 military plane crash reported in Beaufort County, South Carolina
Sep 29, 2018 - 21:50
Marine pilot safely ejected from the single-seat aircraft and is now being evaluated by medical personnel", said the statmement. The Marine Corps Air Station Beaufort is asking the public to avoid the area of the crash while the investigation continues.

isis-killer-beheading-video-story-top NBC reports there’s a fourth allegation against Kavanaugh - from an anonymous accuser
Sep 29, 2018 - 21:47
Since Ford's allegations , two other women have come forward with their own accusations of sexual misconduct against Kavanaugh. The Senate Judiciary Committee is questioning Supreme Court nominee Brett Kavanaugh after an anonymous letter was sent to Sen.

isis-killer-beheading-video-story-top Trump questions George Washington’s past to defend Kavanaugh
Sep 29, 2018 - 21:44
Trump said that the Kavanaugh situation was "a very, very unsafe standard for our country", as "you are guilty until proven innocent".

isis-killer-beheading-video-story-top Julie Swetnick Claims Brett Kavanaugh Spiked Drinks to Get Girls Drunk
Sep 28, 2018 - 03:25
Dianne Feinstein , D-Calif., said Thursday that women face serious challenges in coming forward with stories of sexual assault. She also claimed that Judge laughed while the assault took place and turned up the music so that no one could hear her crying.

President Trump Accuses China of 'Meddling' in Midterm Elections
Sep 28, 2018 - 02:57
And we are winning and we're winning big. "But beside that, we learned that they are trying to meddle in our elections". Officials say China's cyber-espionage operations targeting USA defence and commerce have been formidable, however.