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Elon Musk agreed with the US authorities. He will step down as chairman of Tesla’s board of directors and pay $ 40 million

But he will remain the general director of the company.

Elon Musk. Getty Photos

Elon Musk will step down as chairman of the board of directors of Tesla and pay a fine of $ 20 million. The same amount will be paid by the company itself. This is stated in the agreement, which the entrepreneur concluded with the Securities and Exchange Commission of the US.

In this case, Musk will remain the CEO of Tesla. He will leave the post of the head of the board of directors within 45 days after signing the agreement – his parties concluded on September 29.

Founder Tesla agreed not to nominate a candidate and not to claim the position of the head of the board of directors in the next three years.

As noted in the document, Tesla will pay a separate fine of $ 20 million to settle the claims that arose after the tweet Musk. Money is planned to be distributed among the affected investors. The company’s management will appoint two independent top managers to the board of directors and create a committee of independent directors under the council.

The manufacturer of electric vehicles will also introduce “additional control measures” for the messages of its founder in social networks. According toTechCrunch, now the Musk will limit in the announcements of new products and functions of the company, which he used to do often through a personal account on Twitter.

TechCrunch called the current conditions “the beginning of a new era” of Tesla management. Some shareholders believe that the company is too strongly controlled by Musk and his proxies, including his brother Kimbal , the publication asserts.

Elon Musk approved the agreement, “not recognizing and not denying the allegations in the lawsuit.”

From the document on the agreement Musk with the US authorities

On September 27, the Securities Commission accused Musk of forgery and deceiving the shareholders with a tweet about the possible transformation of Tesla into a private company. According to the department, the entrepreneur actually knew about the lack of financing for the repurchase of the company and previously did not notify regulators of such announcements.

The head of Tesla wrote a tweet at the height of the trading day, although such announcements are usually made after the auction. Shares of the company in a few minutes soared by 7%, which is why the NASDAQ exchange had to stop trading. During the week Tesla left three top managers, according to media reports, due to “unstable behavior” Musk.

According to the US authorities, the entrepreneur has set a price of $ 420 per share for privatization, as he recently learned about its importance in the culture of marijuana and decided that his girlfriend would find this amusing. The head of the company called the claims groundless.

On September 28, the media reported that Musk could have previously concluded a pre-trial agreement with the commission, but “at the last minute” refused. According to sources of American publications, the entrepreneur felt that he “can not be honest with himself.”

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