Elon Mask banned from holding the post of head of the board of directors of Tesla

Elon Mask banned from holding the post of head of the board of directors of Tesla

October 17, 2018 0 By autotimesnews

For three years, Elona Musk will not be able to hold the position of head of the board of directors of Tesla. The agreement was reached by an American businessman and the US Securities and Exchange Commission (SEC). In addition, Musk must pay a fine of $ 20 million, reports Reuters.

Earlier, the agency accused the American of fraud and fraud. So, in early August, Elon Musk wrote on his Twitter account that he could buy all Tesla shares and withdraw it from the exchange. However, he did not take further steps in this direction. The ministry claims that the businessman did not have sufficient guarantees to make such statements. In addition, Musk could manipulate the price of shares of the company, giving out false information.

“The Mask report led to a jump in Tesla stock prices by 6% on August 7 and provoked a significant destabilization in the stock market,” – said in a statement.

The company Tesla, focused on the production of electric vehicles, was founded in 2003. Since 2008 sells Tesla Roadster. In 2012, the company introduced the Model S sedan. The headquarters of the manufacturer is in Palo Alto, California.