Elon Musk commits to SEC settlement despite mocking tweets

Consumer Reports found that Cadillac's Super Cruise system did the best job with high-tech capabilities while also ensuring the driver is paying attention

Musk agreed he would step down as chairman by mid-November but remain as chief executive officer, after he and Tesla reached a settlement with United States financial watchdog the Securities and Exchange Commission (SEC) last month in which they agreed to pay $20m each to financial regulators. CEO Musk must also stand down as chairman of the USA electric auto maker.

The son of Fox mogul Rupert Murdoch, he joined Tesla's board in July 2017 after years of work with media companies. The South African-born billionaire also had to pay a $20 million fine and submit to monitoring of his social media activity, including his Twitter account.

The deal does not require Musk to admit that he misled investors when he tweeted about taking Tesla private in August at $420 a share.

It chimes with the advice of others who have told Musk to find a chief operating officer for Tesla who's capable of overseeing the day-to-day operations of the electric-car maker.

The commission alleged that Musk hadn't locked up the estimated $25 billion to $50 billion that it would have required to pull off that deal, and wanted to punish him by forcing him out as Tesla's CEO. There is another set of rumors, according to which Musk has been favoring Antonio Gracias, Tesla's lead independent director, as a prospective chairman for the board.

Also today, The Verge has an interesting view on the Tesla chairman speculation. Last week, Musk said the Boring Company would sell interlocking, Lego-style bricksmade from rock and soil displaced by the company's tunnel-digging machines.

With Tesla's Q3 earnings report coming in less than four weeks, T. Rowe Price's increased stake in the electric auto maker could prove to be a strategic investment for the financial firm.

The agency further noted that sanctions against Elon Musk and Tesla are created to benefit investors by putting additional governance measures in the electric auto and energy company.

In a vote of confidence for Musk, shareholder T. Rowe Price Group Inc said in a regulatory filing on Wednesday that it had raised its stake to 10.2 percent at the end of September from just under 7 percent in June.

"The $20 million in penalties will be distributed to harmed investors under a court-approved process". The first mention of this drink was made in an April fool's joke about the problems on manufacturing of electric cars, and about the destruction of the company.

Elon Musk: visionary leader, or liability for Tesla's legacy?

On Tuesday, Murdoch resigned from the board of Sky plc, the owner of Sky News, as part of Comcast's takeover of the company, beating 21st Century Fox in an intense bidding war.



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