Elon Musk might be getting into the tequila business

Cornelia Mascio
Ottobre 13, 2018

The SEC sued Musk last month, alleging securities fraud after the Tesla chief tweeted "false and misleading information" about potentially taking Tesla private, implying he had secured the necessary funding.

Chester Spatt, finance professor at Carnegie Mellon University and former SEC economist, said the shareholder vote requirement shows the SEC is protecting investors.

A few days after the September 29 settlement, Musk dubbed the SEC the "Shortseller Enrichment Commission" in a tweet and sarcastically praised the agency's work.

Tesla made an SEC filing in 2013 that said Musk's tweets qualified as company disclosures. That risked jeopardizing the hard-fought deal, which also requires Tesla to add two new independent directors.

Murdoch's emergence as the front-runner for the Tesla chairman seat is a turnabout, after he was targeted for removal from Tesla's board as an independent director earlier this year by several proxy adviser groups pushing against his re-election. He joined Tesla's board in July 2017 and also serves on the boards of Twenty-First Century Fox and News Corp.

Tesla shares were down 1.3 percent at $253.5 in premarket trading. SEC settlements haven't met much resistance from courts since a judge's decision to reject a settlement between the SEC and Citigroup Inc. This was despite the CEO mocking the SEC just one week after they first agreed to the settlement. Musk got into hot water with the US regulator following his August 7 tweet claiming that he had "funding secured" for a buyout of the tech company at $420 per share.

Murdoch, the outgoing 21st Century Fox chief executive and a Tesla board member, was the lead candidate to replace Musk as Tesla chairman, the FT reported on Wednesday, citing two people briefed on the discussions.

Tesla's stock has been whipsawed in recent months after Musk displayed behavior that many considered audacious in a different sense.

Murdoch, who is a non-executive director of Tesla, has signaled he wants the job, the report said.

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