Elon Musk will not return to the position of chairman of Tesla's supervisory board

August 7, 2018 in mysterious tweet businessman Elon Musk indicated that there is a possibility of leaving the American stock exchanges, because there are billion funds that cover the premium $420.00 per share. It also wasn't the first time his Twitter musings have moved Tesla stock.

You might be interested in: WHERE TO BUY BITCOIN AND CRYPTOMEN

When will Elon Musk be able to run for the position of chairman of the supervisory board at Tesla

Some thought it was a joke that we have become accustomed to with Musk, others took it seriously and waited for the shareholder vote that will decide the fate of Tesla. Wall Street took it badly, and the SEC filed a fraud lawsuit against the American businessman. Shares jumped 11 % before erasing those gains in the following days as doubts grew that it could happen there.

The lawsuit continued, and after initially rejecting a plea deal that included Tesla's CEO being suspended from office for three years and paying a $20 million fine, a new deal was struck.

It is worse than the previous proposed settlement and includes a three-year suspension of the presidency (for which the CEO will be eligible to run again at the end of that time frame), a fine of $40 million, of which Musk will pay $20 million and the same amount from Tesla, the appointment of two independent executives, a new chairman and an internal committee that will oversee tweets under strict guidelines.

Stephanie Avkian, co-director of the SEC, said.

"Various measures have been designed to strengthen Tesla's governance and oversight to protect investors".

Some shareholders even accuse Musk of plagiarizing the rest of the board. They refer in particular to Brad Buss, Musk's brother and former solar panel manufacturer, or Steve Jurvetson, shareholder of Solar City (a company bought by Tesla) and investor in SpaceX.

Despite all this news, after a bad quarter in the markets, a very good result came from the sales branch, the Model 3 actually reached 10,000 units per week, which is double the set targets. Meanwhile, pending quarterly results, Tesla ( TSLA ) is hitting $700 billion in market capitalization and earning 1.30 % on the stock market, which is a good sign in a bear market.

Meanwhile in Germany Bild published a report that the Berlin Gigafactory will close its doors for a week to reorganize the production line and add a shift to compensate for production disruptions due to lockdown, who forced Tesla to close in Shanghai. Tesla's goal is to produce 500,000 cars a year at the Berlin factory alone to make up for any shortages at other factories around the world due to various shutdowns.

You might be interested in: THE BEST STOCK EXCHANGE BROKERS IN EUROPE AND THE BEST BROKER IN THE CZECH REPUBLIC IN 2022

Interesting events for our readers

eToro

Reliable CFD broker

A loss occurred for 78 % retail investors.

Open an account Review

Binance

Obchodujte se slevou až 60% z poplatkůa bonusem 600 USD

Open an account Review

Phemex

Free bonus up to $ 2,500 upon registration and deposit

Open an account Review

Bybit

Free bonus up to 3650 USD after registration and deposit

Open an account Review

All content in this article is for informational purposes only and does not in any way serve as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.