The Pretoria-born Tesla CEO has established one of the biggest electric car manufacturing corporation across the globe.
Elon Musk, CEO of SpaceX and Tesla, speaks during the International Space Station Research and Development Conference at the Omni Shoreham Hotel in Washington, DC.
The Securities and Exchange Commission on Monday accused him of violating the terms of a court-endorsed deal between him and the regulatory agency stating that he should avoid sending any tweet that could affect the price of Tesla shares.On February 19, he tweeted that Tesla would make 500,000 cars in 2019 -- up from the 400,000 that the company had estimated until then, as it grapples with production problems with the Model 3.
"If the board wishes to get ahead of the problem, they may have to take action as serious as relieving Musk of his executive responsibilities, at least for a period of time," said Stephen Davis, a senior fellow at Harvard's Program on Corporate Governance. "We are skeptical that can prove oversight, particularly given that its new general counsel resigned last week just hours after the social media posts in question," said Garett Nelson of CFRA Research.
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