Tesla shares spike after Elon Musk settles with SEC
02 October, 2018, 00:13 | Author: Darnell Patrick
In case you haven't been paying attention to the news, Tesla's sort of going through a rough patch at the moment: The electric auto manufacturer's founder, Elon Musk, now has the US Securities and Exchange Commission breathing down his neck, and it's safe to say that the company's seen better days.
According to analysts, the settlement is probably the best thing for both the SEC and Musk and Tesla, because the SEC is showing it can act to enforce change in protecting shareholders, while Musk-removed as chairman-will keep its CEO role at Tesla: a role analysts and Tesla believers see as crucial for the company.
Initially, Musk was ready to accept SEC's proposed settlement that stipulated he would step down as chairman for two years and pay between $5-10 million as a fine.
Musk's tweet about taking his company private, along with attacks on critics on social media, raised concerns with investors about whether Musk has become too focused on criticism from so-called short-sellers who had been making bets against him and Tesla.
Furthermore, it adds: "Despite notifying the market in 2013 that it intended to use Musk's Twitter account as a means of announcing material information about Tesla and encouraging investors to review Musk's tweets, Tesla had no disclosure controls or procedures in place to determine whether Musk's tweets contained information required to be disclosed in Tesla's SEC filings". It was also revealed that funding was far from secured. Tesla's Denver drivers' club president Sean Mitchell said on Twitter that a team of "30 volunteers were providing 40 [plus] hours helping deliver and teach new owners" about the cars' different features. Tesla had come under criticism for years prior to Musk's take-private episode for lax governance, though shareholders sided with the board in June by voting against an independent chairman proposal and approving the re-election of three directors. "The resolution is meant to prevent further market disruption and harm to Tesla's shareholders".
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