Economy

Tesla stock roars back after Elon's SEC deal

Tesla stock roars back after Elon's SEC deal”

Bloomberg reports that Tesla's plunging stock price is a sign that investors wanted Musk to cut a deal with the Securities and Exchange Commission as soon as possible.

Initially, Musk was ready to accept SEC's proposed settlement that stipulated he would step down as chairman for two years and pay between $5-10 million as a fine.

Mr Musk and Tesla Inc have also agreed to pay $20m each to financial regulators.

Under the settlement, which requires court approval, Musk will be allowed to stay as CEO but must leave his role as chairman of the board within 45 days. He can not seek reelection for three years, according to court filings.

The row began in August when Musk (47) tweeted that he was considering taking Tesla private at $420 a share and had secured funding. Neither Musk nor Tesla admitted or denied the SEC's findings as part of the settlement.

The optimistic memo and Musk's near-miss are expected to result in Tesla's shares rallying today. Besides a new chairperson, Tesla was also ordered to appoint two new, independent members to its board. The SEC went on to hit Musk with fraud charges for reportedly making "false and misleading" statements.

Musk has baffled investors with emotional and seemingly erratic media appearances, including one where he appeared to smoke marijuana, and a public battle with a rescuer who helped save a group of boys trapped in a cave in Thailand, whom he termed a "pedo guy".



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