Elon Musk will resign as chairman of the TESLA Board of Directors

Elon Musk, the founder of the US electric car manufacturer and energy storage company Tesla, is reported to have quit the chairmanship of the company as part of a corruption investigation and will pay a total of $ 40 million in fines for himself and his company.

According to a statement from the US Securities and Commodity Exchanges Commission (SEC), Musk will resign as chairman of the company’s board of directors within 45 days and will not be able to run for the next three years.

Musk will continue to be Tesla’s top executive (CEO).

The statement, Musk, ‘accepting or rejecting the charges in the case’ on behalf of himself and the company agreed to pay a penalty of 20 million dollars was recorded.

Litigation Process

On Thursday, the SEC sued Musk for his statement that he had found financial resources to recollect Tesla shares and withdraw from the stock exchange, which was “not correct and wrong router”.

Tesla announced on August 18th that the company was also investigated by the U.S. Department of Justice.

On August 13th, Musk announced on his Twitter account that he had shared Tesla’s plan to withdraw from the New York Stock Exchange on 2 August with a 420-dollar stake in the company’s board of directors and that the Saudi Arabian asset Fund had been He recorded the whole time he talked about taking Tesla off the stock market. After talks with the company’s board and shareholders on August 24th, Musk announced that Tesla’s decision to withdraw from the stock market was cancelled.

Tesla’s shares have dropped 20 percent since the first release of Musk, while the company’s market value decreased by about 12.2 billion.

He is also the manager of the US-based spacecraft and rocket producer SpaceX.

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