Elon Musk resigns from Tesla presidency to avoid a fraud case

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Elon Musk resigns from Tesla presidency to avoid a fraud case



He will remain, however, as CEO of the company and will pay a fine of 20 million dollars for his announcement to remove the company from the stock market.




  The Securities and Exchange Commission of the United States (SEC) announced today that it has reached an agreement with Elon Musk whereby the businessman leaves the Presidency of Tesla to resolve the fraud lawsuit he was facing.

SEC also said in a statement that Musk and Tesla agree to pay a fine of 20 million dollars each to reach an agreement with the US regulator of the stock exchange.

  Musk accepts that he will not be able to serve as chairman of the Tesla board of directors for three years, a term in which he will be replaced by an "independent" person.

In addition, Tesla will appoint two independent directors for its board of directors and will establish a "new committee of independent directors and will place more controls and processes to supervise Musk's communications".

Stephanie Avakina, co-director of the SEC Compliance Division, said the measures announced today "are specifically designed to address the problem of misconduct by strengthening corporate governance and oversight of Tesla to protect investors."

The agency filed a lawsuit against Musk and Tesla for fraud following a series of tweets by the company's founder, published on August 7, in which it indicated its intention to remove the electric car manufacturer from the stock market and said there was «Insured» financing for the operation.

But SEC said today that Musk knew that "the potential operation was uncertain and subject to numerous contingencies" and that he had not discussed the details of the operation, such as its price, with anyone.

The institution added that Musk's tweets "caused the price of Tesla shares to rise by 6% on August 7 and caused a significant market disruption."

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