Elon Musk Taunts SEC Days After Fraud Settlement
Elon Musk is taunting the government regulators who threatened to oust him as CEO of electric carmaker Tesla just days after he settled a case alleging he duped investors.
Watch CBS News
Elon Musk is taunting the government regulators who threatened to oust him as CEO of electric carmaker Tesla just days after he settled a case alleging he duped investors.
Elon Musk agreed Saturday to step down as chairman of Tesla and pay a $20 million fine in a deal to settle charges brought this week by the Securities and Exchange Commission.
An SEC press release says the agency asked the court for a "bar prohibiting Musk from serving as an officer or director of a public company."
The stock dropped more than 6 percent Friday to close at $263.24 a share — its lowest point since March of last year.
Utah driver who slammed her Tesla into a stopped firetruck at a red light earlier this year while using the vehicle's semi-autonomous function has sued the company, saying salespeople told her the car would stop on its own in Autopilot mode if something was in its path.
Elon Musk famously tried to take Tesla private at $420 a share. Goldman Sachs thinks the pioneering electric car company is worth half that.
Tesla Inc. was trading at $310.12 on Monday, down $12.70 a share, while the broader markets rallied. Tesla recovered most of that loss, closing at $319.27
First it was the shocking tweet that funding was secured and Tesla may go private, then a statement that the money wasn't locked down after all.
Elon Musk thinks he could take Tesla private at $420 a share. But one Tesla investor thinks that's a bad idea -- because the stock could be worth nearly ten times that amount in the most optimistic of scenarios.
The SEC opened an inquiry shortly after Musk surprised investors with an August 7 tweet revealing that he had lined up the financing to buy all the Tesla stock from shareholders willing to sell.
The electric car company said it lost more than $717.5 million in the second quarter. But it ended up with $2.2 billion in cash at the end of June.
They're worried that the looming phaseout of a $7,500 federal tax credit will put the cost of the car out of their reach.
A former employee hacked into computers at Tesla's Nevada battery factory, stole confidential information and combined it with falsehoods in leaks to the media, the electric car maker alleged in a federal lawsuit.
The National Transportation Safety Board is sending an investigator look into a Tesla battery fire in Southern California.
Authorities say a Tesla sedan in Autopilot mode has crashed into a parked police cruiser in Southern California.
A Tesla that crashed while in Autopilot mode in Utah this month accelerated in the seconds before it smashed into a stopped firetruck, according to a police report obtained by The Associated Press. Two people were injured.
A driver was lucky to escape injury after colliding with a bear that wandered onto an Oregon highway.
The vehicle in a fatal crash last week in California was operating on Autopilot according to the automaker.
California's Olympic Valley plans to enlist Tesla's help in its push to reduce greenhouse gas emissions.
Tesla Motors fired hundreds of workers after completing its annual performance reviews, even though the electric automaker is trying to ramp up production to meet the demand for its new Model 3 sedan.
A sunny stretch of Interstate Highway 580 may have led a bus carrying Tesla employees to fatally rear-end the car of an Alameda County sheriff's deputy on Friday.
Tesla Motors says it has agreed to buy a German engineering company to help automate its electric car manufacturing.
It was the crash the auto industry knew was coming but still feared.
