Under the settlement, Elon Musk will resign as chairman of the automaker within 45 days and be barred from that position for three years. The deal was announced Saturday, just two days after SEC filed its case seeking to oust Musk as CEO. The SEC alleged Musk wasn’t close to locking up the estimated $25 billion to $50 billion needed to pull off the buyout. Besides being CEO, Musk owns a roughly 20 per cent stake in Tesla. Read more: SEC sues Tesla, alleging it misled investors; seeks to bar Elon Musk from running a public company Elon Musk says he may take Tesla private and shares soar Public bravado, private doubts: How Elon Musk’s Tesla plan unravelledRead more about:

Source: thestar September 29, 2018 21:53 UTC