Elon Musk dismissed at the request of the SEC. Tesla fined $ 20 million

Tesla CEO Elon Musk will go to the post of head of the Board of Directors of the electric car and pay a fine in the amount of $ 20 million on demand put forward by the Commission, US securities and exchange Commission (SEC). Musk will remain CEO and will be in the Council but not as President.

This agreement does not give the break a bloody and harmful slaughter between the Masks, the company and the shareholders of Tesla.

Mask resigns

Musk will leave from the post of Chairman of the Board of Tesla within 45 days after signing the agreement, which was presented on Saturday. He agreed not to seek re-election nor accept appointment to the post of Chairman for three years. In his place will be appointed as an independent Chairman.

Also Tesla will pay a fine of $ 20 million. The fine and charges against Tesla are nominated because of the inability to request disclosure of information and procedures related tweets Mask. However, the Mask does not have to admit or deny the SEC charges under the agreement.

Tesla also agreed to appoint two independent Directors to the Board and create a new Committee of independent Directors, as well as to introduce additional controls and procedures to monitor the communication Mask. Likely, the Mask will have to behave more restrained on Twitter — and he used to announce new products, features and updates there. At least with the Tesla, this will no longer happen.

All this will help to prevent further violation of the market and causing harm to the shareholders of Tesla. Now Tesla is waiting for corporate control, and the shareholders demanding the humble Mask and slip eccentric Manager as head of the Board of Directors, will be satisfied.

But will it also benefit Tesla? Tell us in our chat in Telegram.

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