Elon Musk steps down from Tesla’s chairman role after an SEC settlement; and long-serving IG CEO Peter Hetherington leaves the board.
Elon Musk. Photo: Phil Stafford / Shutterstock.com
Founder Elon Musk (pictured) has agreed to step down as chairman, in a settlement with the US markets regulator over announcements he made on social media that saw the tech company’s share price leap.
Musk had been charged with securities fraud by the Securities and Exchange Commission (SEC), having posted a message on Twitter that he could take Tesla private at $420 (£322) per share, a big premium on its share price at the time. Its share priced leapt more than 6% on the day. However, there was little basis for the announcement, with no concrete plan in place.
Tesla was also charged with failing to have the required disclosur
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