nonot
GRA said:
lorenfb said:
Really? And how are you able conclude that? Are you aware that he owns about 40% of Tesla and because of that he'll have
a significant overall influence who is the new chairman/policies and who gets elected to the board, if it's changed at all.
Bottom Line: Elon Musk just lost the title of chairman, .1% of his wealth, and the shareholders lost less than .05% of their wealth.
Most likely more shareholder wealth will have been lost when the Q3 report arrives. Remember, Tesla gave away about $18K
of shareholder wealth with each vehicle sold in Q2. Obviously in Q3, given the M3 volume, it won't be as great, e.g. less than $1K - $2K
per vehicle sold.
Sure the fine was a small portion of his wealth (BTW, he owns about 20% of Tesla, not 40%) but the terms of the settlement included:
Musk will step down as Tesla’s Chairman and be replaced by an independent Chairman. Musk will be ineligible to be re-elected Chairman for three years;
Tesla will appoint a total of two new independent directors to its board;
Tesla will establish a new committee of independent directors and put in place additional controls and procedures to oversee Musk’s communications
I consider it unrealistic to expect the SEC to allow Elon to go on as before with just a slap on the wrist, so I fully expect them to monitor future corporate communications closely.
So it's you that
feels it's unrealistic, right? Have you seen specific/enumerated SEC guidelines for Musk, other than what
you've stated? With regard to a new chairman, Musk still has significant influence over that decision and significant influence
over the new chairman's decisions. Besides, the SEC has no control over who the next chairman is. As still CEO, Musk has the all
authority to fully run Tesla based on his strategy and views. So what if Musk no longer communicates about financial decisions
and pro-forma data, he still can communicate, e.g. tweet, about basically everything else about Tesla. The SEC has no control over
what he tweets about his strategy/goals for Tesla as a CEO. Yes Musk has an ego, but it's doubtful that the SEC's ruling has affected
that much and will not significantly curb his modus operandi, i.e. he'll have plenty of wiggle room.