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Tag: Tesla

Elon Musk reaches deal over tweets about taking Tesla private

Elon Musk reaches deal over tweets about taking Tesla private

Technology
Media playback is unsupported on your device Elon Musk must step down as Tesla chair and pay a fine after reaching a deal with US regulators over tweets he posted about taking the firm private.It follows Thursday's decision by the Securities and Exchange Commission (SEC) to sue Mr Musk for alleged securities fraud.Under the deal, Mr Musk will remain as Tesla CEO but has to step down as chairman for three years.Both he and Tesla will also have to pay a $ 20m (£15m) fine.The SEC's chairman Jay Clayton said that he supported the deal, and felt that it was in the best interests of US markets and investors, including the shareholders of Tesla."This matter reaffirms an important principle embodied in our disclosure-based federal securities law...
Musk out as Tesla chair, remains CEO in $40M SEC settlement

Musk out as Tesla chair, remains CEO in $40M SEC settlement

Technology
Tesla and its CEO Elon Musk have agreed to pay a total of $ 40 million and make a series of concessions to settle a government lawsuit alleging Musk duped investors with misleading statements about a proposed buyout of the company. The settlement with the Securities and Exchange Commission allows Musk to remain CEO of the electric car company but requires him to relinquish his role as chairman for at least three years. Tesla must hire an independent chairman to oversee the company, something that should please a number of shareholders who have criticized Tesla's board for being too beholden to Musk. The deal was announced Saturday, just two days after SEC filed its case seeking to oust Musk as CEO. Musk, who has an estimated $ 20 billion fortune, and Tesla, a company that ended June with...
Tesla: Shares fall after regulators launch Musk lawsuit

Tesla: Shares fall after regulators launch Musk lawsuit

Business
Media playback is unsupported on your device Tesla shares have sunk after US regulators took legal action against co-founder Elon Musk for alleged securities fraud.On Thursday the Securities and Exchange Commission filed a lawsuit over claims made last month by Mr Musk that he had funding to take the company private.The billionaire boss of the electric carmaker called the action unjustified.But the filing was a potentially serious blow for the company, which was already under financial strain.Mr Musk has led the electric carmaker as chief executive since 2008, presiding over its rise into a company with a market value that rivals Ford and General Motors.His celebrity status and reputation for entrepreneurial vision attracted investors and legi...
Driver who slammed her Tesla into firetruck sues the carmaker over Autopilot mode

Driver who slammed her Tesla into firetruck sues the carmaker over Autopilot mode

Technology
The woman who crashed her Tesla into a firetruck while the car was in autopilot mode is suing the electric carmaker, alleging the feature is defective and that the company’s marketing is misleading, the driver's lawyer said. "They [Tesla] need to go away from autopilot to assisted driving,” Jeffery Metler, the driver's lawyer, told ABC News. “Because right now Tesla is not ready for autopilot. So they’re trying to lay the blame at the feet of the drivers, which is what they’ve done for every crash." Tesla has previously said Autopilot is an advanced driver-assistance system and not a self-driving system. But the website’s Autopilot section states: “All Tesla vehicles produced in our factory, including Model 3, have the hardware needed for full s...