Sigh. After agreeing to a settlement over the weekend with the U.S. Securities and Exchange Commission, which brought a suit against the Tesla CEO a few days ago that threatened to be an expensive distraction for the electric carmaker, Elon Musk is back to being, well, Elon.
The regulator filed a lawsuit against Musk last week, alleging a tweet in which he claimed he'd secured funding for a buyout of Tesla at $420 per share was "false and misleading".
As part of the settlement with the SEC, Tesla will also appoint an independent chairman and two independent directors, responding to calls on Wall Street to relieve the pressure on Musk and provide more balance in the vehicle maker's management. Further, the fine amounts would be distributed to investors affected under a court approved process.
Neither Musk nor Tesla is required to admit any wrongdoing as part of the settlement, which is subject to court approval.
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Tesla shares jumped 17 per cent on Monday as signs it had met targets for quarterly auto production added to relief at CEO Elon Musk's settling of a lawsuit with regulators that had threatened to force him out. "The resolution is meant to prevent further market disruption and harm to Tesla's shareholders".
KitGuru Says: Many had taken Musk's $420 reference to marijuana as a joke given his recent experience with the substance, however his position of responsibility makes comments about his business a hard subject, especially given its effects on the stock market.
Musk initially said the SEC's charges were "unjustified" but has now reached an agreement with the body to settle the charges. However, if found guilty, Musk stood to lose a lot more than $20m and could have been ousted as CEO of the company. The SEC alleged that Musk knew the plan was built on a shaky foundation when he proposed it.
Besides the settlement news, Tesla has another milestone this week. In reality, by no longer being the chairperson Musk can't call board meetings nor can he set their agendas.
Samsung launches Galaxy A7
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US securities regulators settled a lawsuit against Musk alleging that he made false and misleading statements about plans to take the company private in August.
A more assertive board could provide the kind of tighter oversight that many legal experts, and Tesla investors, say is overdue for a company of Tesla's market value.
The settlement with the SEC won't be the end of the matter, though, as Musk is also facing a series of class action lawsuits relating to the tweets.
Tesla was sorely in need of good news.
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Some accused her of trying to kidnap the children, whereas others said that she was only trying to help the family. Lindsay eventually moves to take the sons hand and the mother attacks Lindsay'They're trafficking children .