Despite a $20 million settlement with the Securities and Exchange Commission that includes a provision for more company oversight of his social media use, the billionaire has been making waves on Twitter once again.
The SEC alleged in a complaint filed in September that Musk lied when he tweeted on August 7 that he had "funding secured" for a private takeover of the company at $420 per share. The two parties reached an agreement last week, which has now been approved U.S. District Judge Alison Nathan in Manhattan. The official judgment now confirms Musk will resign from his chairman role "within forty-five (45) days of the filing of this Consent" and "agree not to seek reelection" or accept reappointment for the next three years.
"Just want to [say] that the Shortseller Enrichment Commission is doing incredible work".More news: Museveni gives Kanye and Kim Ugandan names
It was first reported that Musk threatened to step down as CEO of Tesla if its board forced him to accept the SEC's settlement, but he apparently reversed course and agreed to resolve the allegations. "And the name change is so on point!" Musk also posted a mock-up of roughly what the tequila bottle will look like.
Tesla founder Elon Musk has refuted a report that James Murdoch, son of News Corp. owner Rupert Murdoch, may replace him as Tesla Inc. chairman in a short tweet.
Thanks to Musk's vision and showmanship, Tesla's valuation has at times eclipsed that of traditional, established US automakers that make millions of vehicles and billions of dollars in profits annually, and the company has garnered legions of fans despite repeated production issues.