The US Securities and Exchange Commission said on Saturday that car-maker Tesla and Chief Executive Elon Musk had agreed to pay $20 million each under a settlement that will also see the billionaire step down as chairman after a tumultuous two months for the company.
The SEC's lawsuit had sought to bar Musk from serving as an officer or director of a public company, a prospect that rattled investors.
That's according to Gene Munster, a managing partner at the venture capital firm Loup Ventures and prominent Tesla bull, who is already talking up replacements for Musk with his seat on the board not-yet cold.
Munster said the settlement was the best outcome for all involved. Tesla was hit with a $20 million fine of their own.
While the 15-year-old company has never earned an annual profit, Tesla's CEO has vowed it's the verge of making money and stemming cash burn that's exceeded more than $1 billion in recent quarters.
The company has recently been struggling to meet audacious production goals for its Model 3 sedan.
The settlement requires that Tesla appoint two new independent directors and establish a committee of independent board members. Under terms of the agreement, Musk also must give up his seat as chairman of the board of directors for at least three years. The tweets had no basis in fact, and the ensuring market chaos hurt investors, the SEC said. The SEC said the company had no way to determine if his tweets contained information that must be disclosed in corporate filings, or if they contained complete and accurate information.
Many see the forced changes as being positive for Tesla, partly because the mercurial Musk will now have someone to answer to, and partly because his reduced role may allow the chronically overworked CEO to focus more. "At the same time, there will be appropriate restraints in place".
The complaint alleged that Mr Musk made "false and misleading statements" about plans to take the company private in August. Some analysts had said that Musk's departure would harm Tesla's brand, fundraising abilities and stakeholders' confidence if the company lost its key visionary.
Collins and Murkowski are not on the Judiciary Committee, so they will not participate in the planned vote Friday morning. Like many Americans, employees at the White House were riveted on the testimony of Kavanaugh and Ford throughout the day.
Kavanaugh, in testimony that alternated between anger and tears, denied ever doing such a thing to Ford or anyone else. But she stressed that experience as an activist does not matter in situations like her confrontation with Flake.
In a further act of retaliation, China turned down a request for an October port call in Hong Kong by the U.S. Mattis said he did not think there was a fundamental shift in relations between China and the United States.
Even her medical reports claim that the patient's rectum was penetrated and that ejaculation had happened in the assailant's hand. In an Instagram "story", Ronaldo said: " They want to promote [themselves] by [using] my name".
A handful of moderate Republican senators who have not announced whether or not they support Kavanaugh could determine his fate. Unnamed sources told NBC News that Kavanaugh denied the new allegation in a phone call with committee investigators Tuesday.
Residents in small boats rushed to the crash site to save passengers and crew members from the sinking aircraft, an official said. However, Jaynes said the only scenario he can imagine is that it hit the end of the runway and continued into the water.
I bring with me the People's voice; I come here with lot of the Homeland's passion to stand for truth. We have many Venezuelans living in the United States, many of them live in the Doral area of Miami.
Sturridge picked up the ball on the left side of the area and bent a superb shot past Chelsea goalkeeper Kepa from 25-yards out. A stunning strike from Daniel Sturridge snatched a 1-1 draw for Liverpool against Chelsea at Stamford Bridge on Saturday.
The FBI, however, can not force interviews in background check investigations, or in criminal investigations for that matter. Ramirez and she has agreed to cooperate with their investigation", Clune said in a tweet .
Kavanaugh and the other three named people: Mark Judge , Patrick Smyth, and Leland Keyser, have all given personal testimony. In the hours before the hearing, Republicans were rocked by the new accusation from a third woman, Julie Swetnick .
Raj Kapoors wife Krishna Raj passes away
It was during the Christmas brunch when Krishna Raj Kapoor was featured with her family members for the last time. Whether, yesterday, Rishi Kapoor was in the news for going to America for medical treatment for the next 45 days.
Flu shots made available as the cold season creeps in
Medicago Inc., a biotechnology company, owns the first plant-based seasonal flu vaccine to reach late-stage clinical trials. It's flu season again and experts recommend everyone six months and older get vaccinated now.
Google Feed goes through a revamp, renamed to Discover
It basically takes content from the web and turns it into a Story (like Snapchat Stories) that can be viewed on the search feed. It looks and acts similarly to a Pinterest board in that any search you save to it is easily accessible later.