Tesla CEO Elon Musk has resigned as Chairman of the Board of the electric car manufacturer for at least 3-years. Not voluntarily, but under pressure from the powerful US Securities and Exchange Commission. And he has to pay USD20 million and this also includes Tesla. For this, the eccentric CEO may remain CEO after an agreement with the SEC.
Much was at stake for Musk: the agency had alleged in a lawsuit that it had misled investors and wanted it to be banned for life from executive floors of listed US companies . The cause for the lawsuit was the chaos triggered by Musk for an implied stock market retreat of Tesla in August. The tech billionaire had surprisingly announced that he was considering closing Tesla at USD420 a share. “Financing is secured,” he added.
