Elon Musk Resigns As Tesla Chairman, Agrees To Pay $20 Million In SEC Settlement Because Of A 420 Joke
Source: brobible.com - Saturday, September 29, 2018
Via The Joe Rogan Experience Nobody has ever died from marijuana. But Elon Musk has come the closest to being killed by weed. On Saturday, Musk reached a settlement with the Securities and Exchange Commission that he would step down as Tesla’s chairman and would also pay a civil penalty of $20 million. This all stems to a tweet saying that he was taking Tesla private and including a dumb 420 joke. “As a result of the settlement, Elon Musk will no longer be Chairman of Tesla, Tesla’s board will adopt important reforms —including an obligation to oversee Musk’s communications with investors—and both will pay financial penalties,” said Steven Peikin, who co-directs the SEC’s enforcement division. Breaking: So Elon Musk is still Tesla CEO but won't *also* be the boss of himself. Quits Chairman role to settle SEC charges that he misled investors in the infamous "funding secured" tweet that blew up Tesla's stock price. Here's more of my take from that wild Aug 7th. $TSLA pic.twitter.com/i34nxnqH9z — Jeannie Lee@CBC (@JeannieLee88) September 29, 2018 Within the next 45 days, Musk must now depart from his role as Tesla chairman for at least three years. Musk as well as Tesla will also have to pay a penalty of $20 million, which will be distributed to investors who were affected by Elon’s tweet about taking Tesla private. Tesla will also have to install two new directors that are not linked to Musk as well as add “controls and procedures
Source: Breaking News
Via The Joe Rogan Experience Nobody has ever died from marijuana. But Elon Musk has come the closest to being killed by weed. On Saturday, Musk reached a settlement with the Securities and Exchange Commission that he would step down as Tesla’s chairman and would also pay a civil penalty of $20 million. This all stems to a tweet saying that he was taking Tesla private and including a dumb 420 joke. “As a result of the settlement, Elon Musk will no longer be Chairman of Tesla, Tesla’s board will adopt important reforms —including an obligation to oversee Musk’s communications with investors—and both will pay financial penalties,” said Steven Peikin, who co-directs the SEC’s enforcement division. Breaking: So Elon Musk is still Tesla CEO but won't *also* be the boss of himself. Quits Chairman role to settle SEC charges that he misled investors in the infamous "funding secured" tweet that blew up Tesla's stock price. Here's more of my take from that wild Aug 7th. $TSLA pic.twitter.com/i34nxnqH9z — Jeannie Lee@CBC (@JeannieLee88) September 29, 2018 Within the next 45 days, Musk must now depart from his role as Tesla chairman for at least three years. Musk as well as Tesla will also have to pay a penalty of $20 million, which will be distributed to investors who were affected by Elon’s tweet about taking Tesla private. Tesla will also have to install two new directors that are not linked to Musk as well as add “controls and procedures
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Source: Breaking News
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