Menu

Why Elon Musk’s SEC Settlement Is Critical for Electric Vehicles
📰
0

Why Elon Musk’s SEC Settlement Is Critical for Electric Vehicles

Knowledge at Wharton·@HashtagPLUS·about 1 month ago
#2LyEUOuH
Reading 0:00
15s threshold

A tumultuous eight weeks following an ill-advised tweet by Tesla CEO Elon Musk culminated on September 29 in a settlement with the Securities and Exchange Commission. The settlement allows Musk to remain Tesla’s CEO, which is significant not only for the company’s future, but also for the electric vehicle (EV) industry and Silicon Valley innovation, according to Wharton experts. In an apparent attempt to get back at investors for short-selling Tesla’s stock, Musk on August 7 had tweeted that he had “funding secured” to take the company private. The SEC charged him with securities fraud, and after two days of dithering last week, Musk and Tesla agreed to pay $20 million each in penalties. Musk was stripped of his chairmanship but can stay on as CEO, and must have his communications reviewed before being aired. The SEC also asked Tesla to appoint two new independent directors.…

Continue reading — create a free account

Join HashtagPLUS to read full articles, follow hashtags, vote, and join the conversation.

Read More