Elon Musk to give up role of Tesla chairman

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Shares in Tesla sank more than 14% on Friday, wiping more than $5bn (£3.8bn) from the company's market value after the SEC filed its suit, claiming Mr Musk issued "false and misleading" tweets about potentially taking Tesla private. It alleged that Musk's statements - including the assertion that he had "funding secured" to take Tesla private - "were premised on a long series of baseless assumptions and were contrary to facts that Musk knew". At the time, Musk said he was "saddened and disappointed" by the allegations.

In order to "achieve a victory beyond all expectations, Tesla must go "all out" on production on Sunday which marks the end of the quarter, Musk said".

Over the weekend, Musk agreed to a settlement with the SEC that requires him to step down as Tesla's chairman and pay a $20 million fine.

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He's made these assurances in large part due to progress Tesla has made in producing more Model 3 sedans - the first electric vehicle Tesla has tried to mass-manufacture. Secondly, the company's board will also appoint two new independent directors, with a new committee dedicated but not limited to regulating Musk's communications as he remains CEO. Musk won't be eligible to be re-elected as chairman for three years. In an internal email obtained by Bloomberg, company chief Elon Musk is asking around 100 to 200 employees thinking of buying a Tesla to join an internal testing program for the automaker's full-fledged autonomous system.

However, according to the latest reports, the CEO of Tesla, the well-known vehicle manufacturing company, of course, Elon Musk resigns as chairman of Telsa. Tesla's showroom in Paramus, New Jersey, was closed by 8 p.m. local time Sunday. The strong man of Tesla resorts to this social network to present novelty and to vent, leading sometimes to say things he should not say.

From the beginning of this case, the SEC requested as a penalty that Elon Musk had left the position of chairman from the board of Tesla, something that has now been achieved. "The resolution is meant to prevent further market disruption and harm to Tesla's shareholders", said SEC enforcement division co-director Steven Peikin.