Elon Musk might be removed from Tesla
Posted: Thu Sep 27, 2018 5:35 pmHe used Twitter for untruthiness says the SEC
U.S. securities regulators on Thursday sought to force Tesla Inc. Chief Executive Elon Musk out of the company he helped get off the ground about 15 years ago, alleging he misled shareholders when he tweeted he had funding for what would have been the largest-ever corporate buyout.
https://www.wsj.com/articles/elon-musk- ... 1538079650
Tesla CEO Elon Musk has been sued by the Securities and Exchange Commission for fraud, according to court documents filed Thursday. Sources close to the company told CNBC the company was also expecting to be sued, though Tesla was not named as a defendant in the complaint.
Shares of the automaker fell more than 13 percent in extended trading Thursday. The stock is roughly 30 percent below its 52-week high of $387.46.
The SEC complaint alleges that Musk issued "false and misleading" statements and failed to properly notify regulators of material company events. The SEC held a press conference Thursday evening regarding the complaint.
Among other remedies, the SEC is seeking to bar Musk from serving as an officer or director of a publicly traded company if found guilty.
https://www.cnbc.com/2018/09/27/tesla-f ... y-sec.html
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I can see Tesla being sold to someone like Toyota or going out of business all together.
U.S. securities regulators on Thursday sought to force Tesla Inc. Chief Executive Elon Musk out of the company he helped get off the ground about 15 years ago, alleging he misled shareholders when he tweeted he had funding for what would have been the largest-ever corporate buyout.
https://www.wsj.com/articles/elon-musk- ... 1538079650
Tesla CEO Elon Musk has been sued by the Securities and Exchange Commission for fraud, according to court documents filed Thursday. Sources close to the company told CNBC the company was also expecting to be sued, though Tesla was not named as a defendant in the complaint.
Shares of the automaker fell more than 13 percent in extended trading Thursday. The stock is roughly 30 percent below its 52-week high of $387.46.
The SEC complaint alleges that Musk issued "false and misleading" statements and failed to properly notify regulators of material company events. The SEC held a press conference Thursday evening regarding the complaint.
Among other remedies, the SEC is seeking to bar Musk from serving as an officer or director of a publicly traded company if found guilty.
https://www.cnbc.com/2018/09/27/tesla-f ... y-sec.html
_______________________________________________________________________________
I can see Tesla being sold to someone like Toyota or going out of business all together.