Tesla shares soar after Musk gets ousted as chairman
01 October, 2018, 21:40 | Author: Melinda Barton
Tesla did not immediately respond to a request for comment and Musk could not immediately be reached for comment.
They also hoped the row would cap several months of volatility around Tesla's shares driven in part by a series of rows over Musk's tweets and public pronouncements. Musk will be able to continue as CEO, but the SEC's aim is to give Tesla's board more independence from Musk-and hence to subject Musk to more vigorous oversight.
Tesla jumped in pre-market trading after Elon Musk settled a USA lawsuit over his take-private tweet storm, reassuring investors that the billionaire will keep calling the shots at the electric-car maker he's said is on the verge of profitability.
But its shares have been hit hard since the SEC filed the lawsuit.
The electric auto maker is expected to report third-quarter production numbers on Tuesday, following a period of turbulence, including a run-in with securities regulators that culminated in Musk being ousted as Tesla's chairman and hit with a multimillion-dollar fine.
Musk, whose tweets on August 7 on a plan to take Tesla private that was later abandoned, has tweeted only once since the settlement was announced - posting a music video by rap group Naughty by Nature.
He accepted the deal with the SEC "without admitting or denying the allegations of the complaint", according to a court document.
At the same time, Tesla has also settled new charges of "failing to have required disclosure controls and procedures relating to Musk's tweets", and will also pay a penalty of $20m. Tesla is due to appoint two new independent directors, with the board expected to oversee Musk's communications with investors.
Stephanie Avakian and Steve Peikin, co-directors of the SEC's Enforcement Division, led the talks, taking the reins from the staff attorneys who worked the case, according to two people familiar with the matter. The SEC eventually sued Musk for securities fraud on Thursday.
After filing the lawsuit, SEC officials were anticipating a drawn-out legal battle, but settlement talks started up again late Friday after Musk's attorney Steven Farina sent an email asking to reopen the discussions.
Musk will stay on as company CEO but will relinquish his role as company chair for at least three years as part of the agreement, which is still subject to court approval.
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