Elon Musk will give up the role of Tesla chairman and pay a $20-million penalty to settle fraud charges brought by the US over his claims about taking the company private.
It is nearly impossible to imagine Tesla without Elon Musk – its chairman, CEO, largest shareholder and public face. But the SEC’s lawsuit on Thursday has raised questions about the executive’s future.
At this year’s Beijing Auto Show, a retired Chinese bureaucrat bent down to run his hands over the hood of a sleek sports coupe billed as the world’s fastest battery-powered car, and he smiled like a proud father.
Tesla is under investigation by the US justice department over public statements made by the company and CEO Elon Musk, according to two people familiar with the matter.
Mercedes-Benz, the world’s largest maker of luxury cars, is rolling out its first in a series of battery-powered vehicles, adding to a growing array of high-end brands targeting Tesla.