Wolf's Howl

Elon Musk Steps Down as Telsa Chairman

Nolen Cooper, Reporter

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Elon Musk the CEO of Tesla, SpaceX and Neuralink, was forced to step down as Tesla Chairman on September 27, and will also have to pay a $20 million fine. He will remain CEO of Tesla, and will not be kicked off the board.

“Tesla is [Musk’s] company. When you think of Tesla, you think Elon Musk,” sophomore Tyson Lamoureux said.

In August, Musk tweeted he was considering taking Tesla private and would secure the funding once shares reached $420 per share. These comments caused the Securities and Exchange Commision (SEC) to file a lawsuit against Musk, where he was accused of fraud. Musk noted he had just learned of the numbers significance in the marijuana culture and thought his girlfriend would find it funny. After the lawsuit was filed, Tesla stock fell 14 percent.

“[With Musk as chairman,] Tesla could have been a bigger company, not saying they won’t still grow, but it won’t be as much as it could have,” Lamoureux said.

The deal’s terms further specified that Musk must pay a $20 million fine and step down as chairman within 45 days, and cannot return for at least three years. The 45 day deadline can be extended at the request of Musk. The settlement was approved by a judge yet, Musk has not denied or confirmed any wrongdoing on his part. When the settlement got approved Tesla stocks rose by 5 percent

“Elon Musk is smart and cool man, but he has obviously made some bad decisions,” junior Ian Couch said.

Two people who were briefed on the situation said to Financial Times that, James Murdoch is the favorite to replace Musk as Tesla chairman, also external option are still in the running for Tesla chairman. Murdoch joined Tesla’s board as one of two independent directors.

“Elon Musk has great ideas and really help innovate companies,” Couch said.

About the Writer
Nolen Cooper, Reporter

My name is Nolen Cooper, I am a sophomore at Timberland High School, I took Online News because I want to be a reporter when I'm older. I prefer to write...

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Elon Musk Steps Down as Telsa Chairman