Elon Musk, co-founder and chief executive officer of Tesla, has been asked to step down as chairman after announcing his plans to take the company private back in August and is now facing a lawsuit from the Security and Exchange Commission (SEC). SEC settlements haven't met much resistance from courts since a judge's decision to reject a settlement between the SEC and Citigroup Inc.
Musk, who must relinquish the post as part of a settlement with the SEC, issued a Wednesday afternoon tweet declaring "incorrect" a report in the Financial Times that cited two supposed inside sources naming Murdoch as the frontrunner in the search. According to the deal, both Musk and Tesla would each pay a $20 million fine, but Musk would be allowed to retain his position as CEO.
Elon Musk might be branching out into a very different sector of business in the near future: his company, Tesla, has filed an application with the U.S. Patent and Trademark Office to trademark the word "Teslaquila", per a report by CNBC.
After accepting the second offer, Musk took to Twitter to ridicule the agency he redubbed the "Shortseller Enrichment Commission".
The SEC sued Musk last month, alleging securities fraud after the Tesla chief tweeted "false and misleading information" about potentially taking Tesla private, implying he had secured the necessary funding. Shortly after, Musk tweeted a "visual approximation" of the alcohol, branded with the Tesla's logo and in its signature typeface.
Canada deploying military plane to help disaster-relief efforts in Indonesia
Mohamad Reza, a resident of Balaroa village, which was obliterated by the quake , said foreign aid workers were very much welcome. A magnitude 6 natural disaster struck off the Indonesian islands of Java and Bali on Thursday, the U.S.
Key events in USA pastor Brunson case
Smith said the church was ready to help Brunson and his family settle back in the United States after more than two decades away. Brunson had been accused of collaborating with terrorist groups and participating in a 2016 coup attempt in Turkey.
Grim search underway for victims of Hurricane
Florida state officials said 285 people in Mexico Beach had defied a mandatory evacuation order ahead of Michael. Some fear the toll can only rise as rescue teams get around storm debris blocking roads and reach isolated areas.
Also today, The Verge has an interesting view on the Tesla chairman speculation. Mr. Musk was stating this in response to a post as to why he was being impersonated by Twitter bots, to promote cryptocurrency. Royal Bank of Canada restated a "neutral" rating and set a price objective on shares of Tesla in a research note on Friday, September 28th.
T. Rowe Price Associates held 17.4 million shares of Tesla at the end of last month, as per a filing with the SEC. So far, he had lead the company and the board by himself. The company has a current ratio of 0.73, a quick ratio of 0.37 and a debt-to-equity ratio of 2.01. He stepped down from the board of Sky Plc on Tuesday following the completion of Comcast Corp's takeover of the broadcaster.
Is Elon Musk Really Leaving Tesla?
He was one of two new members the firm appointed a year ago after criticism that the board - which includes Mr Musk's brother and a close business partner - needed to show more independence.