Industry Reports Tesla

Elon Musk Fined $20 Million, Resigns as Tesla Chairman

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If you intend on manipulating the Stock Market, Twitter seems to be filled with Zealous quotes from famous people. We can only surmise that Elon Musk’s trials & tribulations over the Tesla Model 3 provoked his anger at the free market. In a tweet back on August 7th, he hinted at buying back Tesla stock.

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The only problem is, it’s not legal. Buyouts and hostile takeovers are great for movie plots, but the Securities and Exchange Commission scrutinizes such procedures. Pierre duPont took a troubled GM and gave William Durrant a loan to re-organize and buyback General Motors in 1917. Henry Ford was so paranoid of his investors, he took Ford private, but these procedures were done with complete transparency. Because Elon has top-secret clearance, thanks to SpaceX, he is under the utmost in government scrutiny. His recent tweets about unionized employees losing their benefits are also unbecoming.

Autonews.com has reported that Tesla was fined $20,000,000 and that Musk has resigned as Chairman. We see this change as positive for the automaker. It allows Elon to focus on his space program and it will make Tesla’s board more accountable to their shareholders. This will make their great products even better, so click the link below to find a Tesla of your own.

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