Mr. Elon Musk reached an agreement with the Securities and Exchange Commission on the grounds that he made a mistake by making Tesla undocumented earlier this week. Musk will have to resign within 45 days as president of Tesla and will no longer be able to take over the company's three-year role. He will be able to stay in Tesla's CEO during this time.
In addition to the settlement, SEC accused Tesla "not requesting disclosure control and procedures on Musk's tweets." Tesla agreed to settle this claim. According to the SEC, the company will contribute $ 20 million with a fine "distributed to injured investors" through a process approved by the court, and Tesla must appoint two independent newly appointed directors. The company also hires a lawyer to monitor Musk's communications, including his tweets, according to the agreement.
"All corrective actions and corrective actions announced today are specially designed to deal with the deficiencies by strengthening Tesla's governance and overseeing investors to protect them, Director Stephanie Abakian said. SEC.
The settlement clause reflects the agreement that many media called for on Thursday morning, which required President's two-year forbidden and a $ 10 million fine. Both parties agree that these conditions New York TimesThat press release was even drafted. Musk finally decided that he did not want to pass, but at a later date the SEC complained of securities fraud.
In addition to the other conditions, the musk had to undergo the condition that he was not allowed to "accept and refuse" when he was guilty of committing a securities fraud.
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