Elon Musk to give up role of Tesla chairman

Elon Musk to Resign as Chair of Tesla Board but Remain CEO

Tesla stock (NASDAQ:TSLA) is exhibiting a strong recovery on Monday, trading up 15.40% at $305.54 per share during the opening bell.

Steven Peikin, co-director of the SEC's Enforcement Division said the resolution is meant to prevent further market disruption and harm to Tesla investors. The electric car-making company must also appoint two new independent directors to its board, establish a new committee of independent directors and implement additional oversight of Musk's future communications.

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He played well throughout his time there, but still found himself a free agent late in September. Reid's new teammate, Torrey Smith , also commented - saying, "I'm excited".

Investors breathed a sigh of relief over the weekend after Musk struck a settlement with the Securities and Exchange Commission, the United States financial markets regulator, on Saturday night to end a legal spat over his failed plan to privatise Tesla.

Tesla shares sank last week after the SEC accused Mr Musk of securities fraud, opening up the prospect of a long-drawn out fight that could have seen Tesla lose its leader, undermine its ability to raise capital and cripple operations. Tesla's free cash flow in the second quarter totaled negative $739.5 million, bringing the company to a net loss of $717.5 million, the company reported in August. Munster pointed out that the terms of the settlement actually works in Tesla's favor, as the appointment of a new, capable Chairman of the Board could help Tesla reach sustainability, as well as become the wake-up call that Musk needs with regards to his behavior online. In suing Musk, the agency had sought to oust him as both chairman and CEO. "Funding secured." Later on, the SEC ruled that Musk never went through with his declaration and deal between the company and the Saudi sovereign wealth fund set to foot the bill on the buyout. But the SEC wrote in its complaint that "Musk's statements were premised on a long series of baseless assumptions and were contrary to facts that Musk knew".

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The SEC lawsuit charging Elon Musk with misleading investors sparked a settlement resulting in Musk hiring a new chairperson and two new, independent board members.

Emily McCormick is a reporter for Yahoo Finance.

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