Wednesday, 17 October, 2018

SEC Lawsuit Against Musk Wiped $7.3 Billion From Tesla’s Market Value

Elon Musk to Resign as Chair of Tesla Board but Remain CEO Elon Musk to Resign as Chair of Tesla Board but Remain CEO
Lloyd Bates | 01 October, 2018, 18:09

Less than two days later, Musk and the SEC reached an agreement, in which he would step down as chairman for three years and pay a $20 million fine. Tesla is required to appoint two new independent directors to its board.

Musk will remain Tesla CEO after settling SEC fraud charges over his infamous "funding secured" tweet about taking the auto firm private.

Tesla shares sank last week after the SEC accused Mr Musk of securities fraud, opening up the prospect of a long-drawn out fight that could have seen Tesla lose its leader, undermine its ability to raise capital and cripple operations.

Musk's tweet about taking his company private, along with attacks on critics on social media, raised concerns with investors about whether Musk has become too focused on criticism from so-called short-sellers who had been making bets against him and Tesla.

Moreover, Both Tesla and Musk will pay $20 million in fines that will be distributed in a court-approved process to the investors that were potentially harmed by Musk's Twitter activity.

Pep Guardiola says Leroy Sane needs to stay focused
Guardiola's men are in need of three points in Germany this week after losing their European opener at home to Lyon. Guardiola said: "I believe too much in that team, in those guys".

Trump on Kim Jong Un: ‘We fell in love’
Mr Park said tighter border controls between North Korea and China and higher rates charged by people smugglers were key factors. China and Russian Federation argued that the UN Security Council should reward Pyongyang for steps taken.

Boost for Chelsea as Liverpool’s Van Dijk struggling for fitness
And then I would say it's still not possible to score a goal, but he did and it was a flawless finish. We have to close the right spaces". "All competitions we are in, we want to win", he added.

In a follow-up company blog post issued August 13, Musk explained that his assertion of having "funding secured" was based on multiple encounters he had with the Saudi Arabian sovereign wealth fund, where he felt there was "no question that a deal with the Saudi sovereign fund could be closed".

In the Chicago suburb of Highland Park, more than 75 people crammed into Tesla's service center and another 50 or so waited outside. Musk did not found Tesla but provided early financing. In an interview with Politico in 2014, the former vice president said he'd love to own a Tesla.

Tesla saw its stock price plunging after the SEC filed a lawsuit against Elon Musk over his now infamous "funding secured" tweet. The SEC said the company had no way to determine if his tweets contained information that must be disclosed in corporate filings, or if they contained complete and accurate information. And during a Reddit AMA the same year, he said "in Musk I trust" when asked if Telsa will make it as a vehicle company. 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 resolution is meant to prevent further market disruption and harm to Tesla's shareholders", SEC co-director of enforcement Steven Peikin said.

Recommended

Lindsay Lohan Punched by Mother After Trying to Take Her Son Lindsay Lohan Punched by Mother After Trying to Take Her Son Lohan's representatives have yet to respond to the live stream, which was swiftly taken down in the early hours of the morning. The video appears to end when the mother of the family attacks Lohan, who then stops following them down the street.

It's lights out across Okinawa; Honshu braces for big typhoon:The Asahi Shimbun It's lights out across Okinawa; Honshu braces for big typhoon:The Asahi Shimbun The typhoon is not expected to hit the capital head-on but strong winds and heavy rain are still feared from later Sunday. The storm has been moving north-northeast at a speed of around 15 miles per hour , Japan Meteorological Agency said.

PNC Financial now part of Ripple money transfer network PNC Financial now part of Ripple money transfer network The crypto market has continued its positive run and strong gains are being seen across the board this morning. The demo begins by explaining how the Ripple company intends to bring the internet of value to banking.

Get Ready For The Largest Ryder Cup First Tee Ever Get Ready For The Largest Ryder Cup First Tee Ever Then again, it was like that in 1997 at Valderrama when the Americans had five major champions and eight players among the top 15. Bjorn said he would accept a split of the morning matches considering he has four rookies playing, though he hopes for more.

Chelsea closer to leaders Liverpool, Man City than I thought - Maurizio Sarri Chelsea closer to leaders Liverpool, Man City than I thought - Maurizio Sarri Sturridge is now Liverpool's joint-top goalscorer for the season, alongside Sadio Mane , with four goals in seven appearances. This one was a nice goal but as I said it was just about getting a result. "Hazard is the Premier League's best player".

ABC chair quits amid political meddling allegations ABC chair quits amid political meddling allegations Mr Milne said while he was resigning, he had always defended the ABC's editorial independence. The ABC board sacked Ms Guthrie on Monday, triggering a week of damaging fallout.

Body is believed to be of missing North Carolina boy with autism Body is believed to be of missing North Carolina boy with autism He was last seen wearing an orange T-shirt with the words "I am the man" on it, along with black shorts and closed-toe sandals. Carrie Ritch, Maddox's mother, gave a statement about the missing child. "Please call the tip line (704-869-1075)".

Rouhani says Iran to remain in JCPOA with conditions Rouhani says Iran to remain in JCPOA with conditions Trump appeared briefly flustered, then smiled and said it was not the reaction he expected "but that's all right". On the Syria conflict, he said the USA would respond if chemical weapons are used by the Assad regime in Syria.

Israel to keep fighting Iran in Syria, coordinating with Russia: Netanyahu Israel to keep fighting Iran in Syria, coordinating with Russia: Netanyahu President Vladimir Putin struck a reconciliatory note, blaming the downing on a "chain of tragic, fatal circumstances". Israeli fighter pilots have trained for years for evading S-300 air defense missiles.

Plane crash in Micronesia as Air Niugini flight overshoots runway Plane crash in Micronesia as Air Niugini flight overshoots runway A Boeing 737-800, capable of carrying 189 passengers and crew, came off the end of the runway at Chuuk International Airport. An Air Niugini plane has sunk after ending up in a lagoon off Weno airport in Chuuk in the Federated States of Micronesia.

Kavanaugh Blasts Senators: 'Confirmation Process Has Become a National Disgrace' Kavanaugh Blasts Senators: 'Confirmation Process Has Become a National Disgrace' Roger Canaff, a former prosecutor specializing in sex crimes, criticized the Senate Judiciary Committee for rushing the process. She is a respected career sex crimes prosecutor from Arizona and began the hearings Thursday by striking a sympathetic tone.

Watch the Brett Kavanaugh Watch the Brett Kavanaugh Dianne Feinstein , for failing to immediately share Ford's claim when she received Ford's letter detailing her allegation in July. Trump said he was skeptical because he personally had been the target of "false statements " in the past made by various women.

Seal slaps kayaker with an octopus One seal swam right up next to them, and while trying to chew off the leg of the octopus, ended up slapping them in the face. According to Mulinder, the seal was fighting with the octopus near him, eventually disappearing under water.

Kirk returns as tropical storm, other disturbances in Atlantic Kirk returns as tropical storm, other disturbances in Atlantic The affected islands will likely experience tropical storm conditions Thursday, including very gusty winds and heavy rain . One disturbance is near the North Carolina coast, and the other one is post-tropical cyclone Leslie.

Brett Kavanaugh Accuser Christine Blasey Ford Testifies At Historic Senate Hearing Brett Kavanaugh Accuser Christine Blasey Ford Testifies At Historic Senate Hearing Kavanaugh flatly denied the allegations Wednesday in a statement released by the White House. He added, "Obviously with this one we have a contact and our lawyers are on it right now".