Elon Musk’s Settlement Still on Track Despite Tweet Mocking the SEC

Alicia Cross
October 15, 2018

Ironically, Murdoch joined as part of a bid to bring fresh perspective to a board that's always been perceived as too beholden to (and too slow to rein in) the impulses of the company's controversial CEO.

The media man could be replacing Elon Musk. The SEC claims that Musk broke securities laws in August when he tweeted "funding secure" in reference to taking the company private.

"The question when it comes to James Murdoch is, 'Is he the guy who'll be able to establish that level of authority with Elon Musk?'" Abby Adlerman, CEO of Boardspan, a corporate governance consulting company, said.

Tesla shares are lower Thursday, following the formal court submission of a joint letter from the electric auto maker and the Securities and Exchanges Commission, (SEC), stating the terms of the recent settlement, were in the best interests of the company's investors.

Musk and Tesla agreed to pay $20 million each and make concessions to settle an SEC lawsuit alleging Musk duped investors with statements about a plan to take the company private. Shortly after, Musk tweeted a "visual approximation" of the alcohol, branded with the Tesla's logo and in its signature typeface.

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Musk, in response to the FT story, tweeted, "This is incorrect". There is another set of rumors, according to which Musk has been favoring Antonio Gracias, Tesla's lead independent director, as a prospective chairman for the board. Two proxy advisors, Glass Lewis & Co and Institutional Shareholder Services, advised investors to vote against reelecting Murdoch as a director in June, citing his lack of experience in the field, his "troubled history as an executive and director", and his presence on "too many boards".

Earlier this year, it was reported that Elon Musk had planned to step down as the CEO of Tesla, because he planned to start his own digital currency company, known as 'Bitcoin Profit.' About this, it was said that it is "A new company that he thinks will change the world".

His stepping down from the chairman position is also rumoured to be associated with concerns for his health due the high stress nature of his job. The diver has since filed suit in both Los Angeles and London.

"Just want to [say] that the Shortseller Enrichment Commission is doing incredible work", Mr. Musk tweeted on October 4. A number of observers have suggested his original privatization tweet was aimed at hurting the short-sellers who have become a particular thorn in the South African-born executive's side.

However, Musk appeared to mock the SEC on Twitter last Thursday, just hours after the court ordered him and the SEC to explain why their settlement was fair and reasonable.

Other reports by Free-Prsite

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