General / Off-Topic SEC resolves Tesla CEO problem

[Robin of Spiritwood]

Musk is out.

Musk and Tesla have agreed to settle the charges against them without admitting or denying the SEC’s allegations. Among other relief, the settlements require that:

• Musk will step down as Tesla’s Chairman and be replaced by an independent Chairman. Musk will be ineligible to be re-elected Chairman for three years;
• Tesla will appoint a total of two new independent directors to its board;
• Tesla will establish a new committee of independent directors and put in place additional controls and procedures to oversee Musk’s communications;
• Musk and Tesla will each pay a separate $20 million penalty. The $40 million in penalties will be distributed to harmed investors under a court-approved process.

 

[Chris Simon]

Sad. It was a great meme material.
Now Tesla will be an actual company, delivering products and upholding obligations to investors. Where's fun in that?

 

[Patrick_68000]

Anyway, he needs holidays

 

[lokvette]

My heart bleeds, always thought the fella was an ahat and thats as far as my intreast went.

 

[Shadowdancer]

Musk remains as CEO as part of the more-expensive-after-the-tantrum settlement, but gets adult supervision as far as really leading a company is concerned. Doesn't solve the problem that Tesla's products aren't useful, but at least the SEC is good for something.

(edit) The other really entertaining thing is that Elon is getting muzzled, so no more Tesla business-related social media rants.

I wonder if the DoJ is still building its criminal case against Musk.