Elon Musk dismissed under SEC requirements. Tesla was fined $ 20 million

CEO of Tesla Elon Musk will step down as head of the board of directors and manufacturer of electric vehicles will pay a fine of $ 20 million at the request put forward by the US Commission on the Securities and Exchange Commission (SEC). Musk will remain CEO and will be on the board, but not as chairman.

Elon Musk dismissed under SEC requirements. Tesla was fined $ 20 million

The agreement will not break out a bloody massacre between harmful and masks, the company and the shareholders of Tesla.

Mask resigns

Musk will step down as 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 and not to accept his appointment as chairman for three years. In its place will be an independent chairman appointed.

Tesla also pay a fine of $ 20 million. Fines and charges against Tesla put forward because of the inability to require the disclosure of information and procedures related to the tweets mask. However, the mask does not have to accept or deny the SEC charges under the agreement. Tesla has also agreed to appoint two independent directors to the board and create a new committee of independent directors, as well as introduce additional controls and procedures to monitor the communications mask. Probably the mask will have to behave more discreetly on Twitter - and he used to announce new products, features and updates there. At least, with this Tesla it will be no more.

All this will help to prevent further infringement of the market and causing damage to shareholders of Tesla. Now Tesla is waiting for corporate control, and shareholders demanding humble mask and shift extravagant manager as head of the board of directors are satisfied.

But whether it will benefit the Tesla? Tell us in our chatting in a telegram.