Tesla names two directors as part of Musk US fraud settlement

The logo of US car manufacturer Tesla is seen in Zurich July 14, 2016. — Reuters pic
The logo of US car manufacturer Tesla is seen in Zurich July 14, 2016. — Reuters pic

NEW YORK, Dec 28 — Tesla named two more independent directors today and said it completed the requirements of a US settlement of fraud charges involving Chief Executive Elon Musk.

The electric car company tapped Oracle co-founder Larry Ellison and Walgreens Boots Alliance Executive Vice President Kathleen Wilson-Thompson for its board of directors, an element of the September agreement between Musk and the US Securities and Exchange Commission that resolved charges that Musk defrauded investors by claiming on Twitter that he had secured funding to take Tesla private.

“Tesla intends to certify to the Commission that it and Elon have timely completed each of their respective actions required pursuant to the Settlement,” the company said in a securities filing.

The appointments come at the end of a rollercoaster year for Tesla and its flamboyant leader, whose head-turning conduct included appearing to smoke marijuana in a media appearance 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.”



Despite it all, Tesla has met key deadlines in ramping up production of its critical Model 3, reporting strong earnings in its most recent quarter.

In addition to Friday’s appointments, Musk’s settlement with the SEC included stepping down as chairman for three years and fines of US$20 million (RM83 million) each from Musk and Tesla.

But Musk has continued to taunt the US agency, most recently in an interview broadcast earlier this month with network news programme 60 Minutes

“I want to be clear. I do not respect the SEC — I do not respect them” Musk said. — AFP

Source: The Malay Mail Online

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