Economy

Elon Musk to give up role of Tesla chairman

Elon Musk to give up role of Tesla chairman

As part of the deal, Musk and Tesla will also both pay $20 million, while the former will neither admit nor deny the allegations. The tweets had no basis in fact, and the ensuring market chaos hurt investors, the SEC said.

The agreement eases pressure on Tesla's embattled CEO, who faced potentially being barred from serving as an officer or board member of a publicly traded company as a result of the charges, which stemmed from a tweet by Musk about taking the company private.

Under the settlement, Tesla and Mr Musk will pay $20 million each to the securities regulator and Musk will step down as chairman but remain as chief executive.

Lindsay Lohan Punched As 'She Accuses Family Of Child Trafficking'
After a few minutes, the family decide to pick up their belongings and move away from Ms Lohan. At the end of the video, an altercation appears to take place between Lohan and the mother.

In a follow-up company blog post issued August 13, Musk explained that his assertion of having "funding secured" was based on multiple encounters he had with the Saudi Arabian sovereign wealth fund, where he felt there was "no question that a deal with the Saudi sovereign fund could be closed". 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.

Under the agreement - which Clayton said was "in the best interests of our markets and our investors, including the shareholders of Tesla" - Musk will be ineligible to serve as chairman of the board for a period of three years and will be replaced by an "independent chairman", according to the SEC.

Analysts expect Wall Street will now be able to focus more on third quarter production numbers for the company's Model 3 sedan this week.

New bombshell allegations against US Supreme Court nominee
He also admits to drinking beer with friends during his school days, but says, "I never did anything remotely resembling what Dr. Ford said earlier this month that Kavanaugh held her down on a bed during a high school party decades ago.

Whoever becomes the new chairperson of Tesla Motors will face the formidable task of reining in Elon Musk, the charismatic, visionary chief executive with an impulsive streak, while also helping Musk achieve his dream of turning Tesla into a profitable, mass-market producer of environmentally friendly electric cars.

In a blog post following the settlement, Munster said Gore would be an "interesting" choice for Tesla given his climate change credentials align with the company's ambitions.

Musk has said the company needs to produce 7,000 cars a week to make money, a target he aimed to reach in the July-September quarter.

First Look at Tom Hanks as Mr. Rogers in New Film
The film is based on the true story of the friendship between the " Mister Rogers' Neighborhood " host and journalist Tom Junod . We could all use some good news, so thankfully everyone's favorite actor Tom Hanks as Mister Rogers is here.


  • Cristiano Ronaldo Responds to Rape Allegation

    Cristiano Ronaldo Responds to Rape Allegation

    And, the document says, it avoided the potentially "catastrophic effect" of not letting him travel in the United States. Later that day, Mayorga reported the assault to the Las Vegas Police Department and was examined in hospital.
    Hurricane Rosa weakens rapidly off Mexico

    Hurricane Rosa weakens rapidly off Mexico

    Meanwhile, Tropical Storm Sergio was growing in the Pacific and could become a hurricane force Monday, though it posed no immediate threat to land.
    USA  senator confronted in lift over support for Supreme Court nominee Kavanaugh

    USA senator confronted in lift over support for Supreme Court nominee Kavanaugh

    Flake later voted for Kavanaugh's nomination to go to the full Senate floor later. Kavanaugh's confirmation will be finalized once the full Senate vote occurs.
  • Eden Hazard challenge issued by Maurizio Sarri ahead of Liverpool clash

    Eden Hazard challenge issued by Maurizio Sarri ahead of Liverpool clash

    The Belgian told Gazzetta dello Sport on Friday that there is "no news" regarding contract discussions. It was a hard match on Wednesday and it will be a very hard match tomorrow.
    Another hairpin turn for Tesla as stock dives on SEC charge

    Another hairpin turn for Tesla as stock dives on SEC charge

    And some billionaires, especially ones who are named Elon Musk , maybe shouldn't be in charge of public companies. Share value in Tesla is down more than 11.6 percent on the day, trading at $271.75 as of this writing.
    Adultery not a crime, says Supreme Court

    Adultery not a crime, says Supreme Court

    Catch up on all the latest Crime, National, International and Hatke news here. "This is like criminalising the triple talaq law". India on Thursday issued a landmark judgement by scrapping the pre-Independence provision of adultery in the Indian Penal Code .
  • Time To Get Your Flu Shot

    Time To Get Your Flu Shot

    Adams got his own at the event, telling the audience, "I did not feel a thing". "I know people get squeamish about needles". In addition to the vaccine, there are other measures you can take to avoid contracting or spreading the flu.
    Ford on why she decided to take a polygraph test

    Ford on why she decided to take a polygraph test

    Asked about reports in which two other men have claimed they, not Kavanaugh, attacked Ford, Guerry said, "It's not possible". Swetnick, a resident of Washington , D.C., said she was a graduate of Gaithersburg High School in Maryland.
    Jürgen Klopp backs out-of-sorts Mohamed Salah to overcome tough spell

    Jürgen Klopp backs out-of-sorts Mohamed Salah to overcome tough spell

    Sturridge is now Liverpool's joint-top goalscorer for the season, alongside Sadio Mane , with four goals in seven appearances. Salah returns to Stamford Bridge seeking to show Chelsea the error of their ways in letting him leave two years ago.
  • Meghan Markle to visit Brighton and Bognor Regis with Prince Harry

    Meghan Markle to visit Brighton and Bognor Regis with Prince Harry

    Victoria Arbiter, 9Honey's royal commentator , perhaps summed it up best in her exasperated tweet. A twitter user dubbed the documentary as "the Harry and Meghan show".
    EU to defy Trump, keep Iran nuke deal alive

    EU to defy Trump, keep Iran nuke deal alive

    Media reports say the European Union will set up new ways of payment to preserve oil and other trade ties with Iran. He further said that U.S. is waging a psychological warfare against Iran in favorable settings for itself.
    NFL's other unemployed anthem-kneeler finally finds a team

    NFL's other unemployed anthem-kneeler finally finds a team

    Reid is still suing the owners for collusion - his signing won't change that, according to Ian Rapoport at NFL Network. McCourty viewed the Panthers' decision to bring Reid as a positive step toward ending this "blackballing".