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Elon Musk to step down as chairman of Tesla [developing]
The Hill ^ | September 29, 2018 | Aris Folley

Posted on 09/29/2018 3:14:13 PM PDT by jazusamo

Tesla and SpaceX CEO Elon Musk has reportedly reached a settlement with the Securities and Exchange Commission after his abandoned attempt to the company private.

As a result of the settlement, which is still subject to court approval, Musk will have to step down from his role as chairman for at least three years and pay a civil penalty of $20 million, CNBC reported Saturday. Tesla will also have to pay a $20 million if the settlement is approved.

DEVELOPING


TOPICS: Business/Economy; Front Page News; Government; News/Current Events
KEYWORDS: automakers; automotive; elonmusk; resignation; sec; tesla
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1 posted on 09/29/2018 3:14:13 PM PDT by jazusamo
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To: jazusamo
About time 😂
2 posted on 09/29/2018 3:14:44 PM PDT by Jane Long (Praise God, from whom ALL blessings flow.)
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To: jazusamo

Yeah, it was the Going Private claim.

BUT:

I’d wager if he hadn’t done that stupid Pot Head Shot, he would have squeeked by.


3 posted on 09/29/2018 3:15:54 PM PDT by gaijin
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To: jazusamo

A classic example of hubris.


4 posted on 09/29/2018 3:18:49 PM PDT by BipolarBob (#meToo Things have gotten so bad that Caitlyn Jenner has memories of Bruce touching her.)
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To: jazusamo

Tesla.

The 21st century DeLorean.


5 posted on 09/29/2018 3:18:59 PM PDT by E. Pluribus Unum (Science is a method, not a belief system.)
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To: gaijin

You’re probably right, both were blatantly ignorant by him.


6 posted on 09/29/2018 3:19:00 PM PDT by jazusamo (Have You Donated to Keep Free Republic Up and Running?)
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To: jazusamo

Too much talk about the perils of AI


7 posted on 09/29/2018 3:19:57 PM PDT by Third Person (Without double standards the left would have no standards at all.)
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To: gaijin

Yeah, it was the Going Private claim.

Why is that?


8 posted on 09/29/2018 3:20:36 PM PDT by Vision (Obama corrupted, sought to weaken and fundamentally change America; he didn't plan on being stopped)
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To: jazusamo

He has to. That “puffing” he made about going private drew the attention of the SEC and they always ban people with loose lips from running a company


9 posted on 09/29/2018 3:22:13 PM PDT by shalom aleichem (Fire them all even though the heavens fall. (Fiat justitia ruat cælum))
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To: jazusamo
Now he can spend more time with his family. ™
10 posted on 09/29/2018 3:22:28 PM PDT by SpaceBar
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To: jazusamo

The “smart” guy wasn’t so smart after all.

When it comes to leading corporations, just because you had the technical smarts, does not mean that you have the business smarts to run a big corporation. Zuckerberg is in the same boat of people that should not be running large or even any corporation.


11 posted on 09/29/2018 3:22:29 PM PDT by adorno
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To: jazusamo

So the biggest recipient of corporate welfare broke the law and is now going to repay the government with its own money.

Good scheme if you can swing it.


12 posted on 09/29/2018 3:23:31 PM PDT by Alcibiades (I'm not tired of winning. More MAGA. More Mooch. More 5D chess. More covfefe.)
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To: jazusamo

Supposedly, the deal Thursday morning required him to step down for two years, so his stubbornness of not settling then cost him a year, and probably a bit more money.


13 posted on 09/29/2018 3:23:32 PM PDT by Moonman62 (Give a man a fish and he'll be a Democrat. Teach a man to fish and he'll be a responsible citizen.)
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To: shalom aleichem

My understanding is he’ll still be CEO and running the company, but he won’t be running the board for three years. He also owns 20% of the stock.

I think he’ll still try to take the company private.


14 posted on 09/29/2018 3:25:53 PM PDT by Moonman62 (Give a man a fish and he'll be a Democrat. Teach a man to fish and he'll be a responsible citizen.)
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To: Alcibiades

So the biggest recipient of corporate welfare.

...

You can’t prove that, because it isn’t true.

Boeing gets more subsidies than anyone else. GM and Ford get more than Tesla.


15 posted on 09/29/2018 3:27:02 PM PDT by Moonman62 (Give a man a fish and he'll be a Democrat. Teach a man to fish and he'll be a responsible citizen.)
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To: jazusamo

What is the gov’t going to do with the “fines”?


16 posted on 09/29/2018 3:28:35 PM PDT by Paladin2
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To: Moonman62

“Boeing gets more subsidies than anyone else. GM and Ford get more than Tesla.”
Hmmmm, that sounds interesting.
More data, please.
Numbers are good, since libs do not understand them.


17 posted on 09/29/2018 3:29:32 PM PDT by Da Coyote
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To: jazusamo

Well there goes Tesla.

Guy needed a bit of a govenor, but he had drive and vision.


18 posted on 09/29/2018 3:30:47 PM PDT by VanDeKoik
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To: Vision

The Going Private claim had the goal of cleaning out the Shorts (people who profit when the stock price goes down).

They’ll say he was a company insider trying to manipulate the stock price by making statements he knew to be false.

I think as far as Gummint scams go, Elon’s is sorta begnign:

I can’t at this point think of a way outside of Elon that the US car industry could steal a lead on Asia, who are now all, of course, copying him.


19 posted on 09/29/2018 3:32:55 PM PDT by gaijin
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To: Jane Long

Good. He actually called one of the divers that saved the soccer team in Thailand a pedofile.


20 posted on 09/29/2018 3:33:18 PM PDT by gcparent
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