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Elon Musk must step down as Tesla chair and pay a fine after reaching a deal with US regulators over tweets he posted about taking the firm private.
It follows Thursday's decision by the Securities and Exchange Commission (SEC) to sue Mr Musk for alleged securities fraud.
Under the deal, Mr Musk will remain as Tesla CEO but has to step down as chairman for three years.
Both he and Tesla will also have to pay a $20m (£15m) fine.
The SEC's chairman Jay Clayton said that he supported the deal, and felt that it was in the best interests of US markets and investors, including the shareholders of Tesla.
"This matter reaffirms an important principle embodied in our disclosure-based federal securities laws," he said.
"Specifically, when companies and corporate insiders make statements, they must act responsibly, including endeavouring to ensure the statements are not false or misleading and do not omit information a reasonable investor would consider important in making an investment decision."
What did he say in the tweets?
The fraud allegation relates to his August tweet in which Mr Musk said he was considering taking electronic car maker Tesla off the stock market and into private ownership.
He wrote he had "funding secured" for the proposal, which would value Tesla at $420 per share. Shares in the company briefly rose after his announcement, but later fell again.
The SEC said those claims were "false and misleading".
"In truth and in fact, Musk had not even discussed, much less confirmed, key deal terms, including price, with any potential funding source," the regulator said.
Mr Musk initially responded to the charges by saying the action was "unjustified" and he acted in the "best interests of truth, transparency and investors".
What is in the deal?
In addition to the fines, Mr Musk will also have to comply with company communications procedures when tweeting about the firm.
He now has 45 days to leave his role as chairman of Tesla.
The SEC had initially sought to ban Mr Musk from working on the board of any publicly traded company, but under the deal he will now be able to stay on as Tesla's chief executive officer.
A new "independent chairman" for the company will be appointed, who will preside over the company's board.
Forcing Tesla to separate the roles of CEO and chairman should limit Mr Musk's power within the company.
Despite this, many analysts say the outcome is a good one for Mr Musk, given he remains in charge of day-to-day operations as CEO.
Who is Elon Musk?
Born in South Africa, Mr Musk made millions from online payments firm PayPal before moving on to Tesla and rocket company SpaceX.
He is the 25th richest person in the world, according to Forbes, which estimates his net worth to be $19.7bn (£15.1bn).
But it has been a volatile summer for the entrepreneur.
Mr Musk is being sued for defamation after making allegations against a British diver involved in the Thai cave rescue.
Earlier this month, he found himself in another controversy after appearing on a podcast while smoking marijuana. Although the drug is legal in California, where the podcast was recorded, shares in Tesla fell more than nine per cent after his appearance.
Jakarta - Setelah dituntut oleh badan pengawas pasar saham Amerika Serikat (SEC) karena cuitannya yang ingin membawa Tesla menjadi perusahaan privat, CEO Tesla Elon Musk akhirnya memutuskan untuk berdamai. Tapi, perjanjian damai ini datang dengan biaya yang tidak murah. Musk setuju untuk membayar penalti sebesar USD 20 juta (Rp 298 miliar) dan dalam 45 hari harus mundur sebagai chairman Tesla selama tiga tahun. Namun, ia masih dapat mempertahankan posisinya sebagai CEO Tesla. Tidak hanya Musk, Tesla juga harus membayar denda dengan nominal serupa. Tesla juga diharuskan menunjuk dua direktur independen baru ke dewan direksinya dan juga melakukan perubahan tata kelola perusahaan.
"SEC hari ini juga menuntut Tesla dengan kegagalan untuk memiliki kontrol dan prosedur terkait dengan tweet Musk, tuduhan yang telah disetujui Tesla untuk diselesaikan," kata SEC dalam keterangan resminya, seperti dikutip detikINET dari CNBC, Minggu (30/9/2018). "Perjanjian, yang masih menunggu persetujuan dari pengadilan, akan menghasilkan reformasi tata kelola yang menyeluruh serta reformasi lainnya di Tesla - termasuk penghapusan Musk sebagai Chairman direksi Tesla - dan pembayaran denda oleh Musk dan Tesla," lanjutnya. SEC sendiri dalam pernyataan resminya mengatakan, ini akan menjadi pelajaran bagi perusahaan lain untuk tidak memberikan informasi yang salah dan menyesatkan kepada investor. "Secara spesifik, ketika perusahaan dan orang dalam perusahaan tersebut membuat pernyataan, mereka harus bertindak secara bertanggung jawab, termasuk berusaha untuk memastikan keterangan tersebut tidak salah atau menyesatkan dan tidak menghilangkan informasi yang dianggap penting oleh investor dalam membuat keputusan investasi," kata Chairman SEC, Jay Clayton. Perjanjian ini sendiri merupakan hasil yang lebih baik bagi Musk dari yang sebelumnya diperkirakan. Sebab, dalam tuntutannya, SEC meminta hakim untuk mencegah Musk untuk menjadi pegawai atau direktur dari perusahaan publik sebagai salah satu bentuk hukumannya. Sebelumnya dilaporkan, cuitan Musk pada 7 Agustus yang mengatakan bahwa ia ingin membawa Tesla menjadi perusahaan privat menjadi perhatian regulator AS, termasuk SEC dan Departemen Kehakiman. Menurut SEC, cuitan Musk tersebut dianggap memberikan informasi yang salah dan menyesatkan investor. Walaupun Musk mengatakan bahwa ia sudah memiliki pendanaan dari investor Arab Saudi dan tinggal menunggu pengambilan suara dari pemegang saham, SEC menemukan bahwa pernyataan Musk tersebut tidak berdasarkan fakta. Tonton 'Kalah Melawan SEC, Elon Musk Mundur dari Tesla' di bawah ini: [Gambas:Video 20detik] (rns/rns)
KOMPAS.com - Setelah mendapat tuntutan dari Komisi Pasar Modal AS (SEC), Elon Musk menyatakan akan mengundurkan diri dari jabatan chairman di Tesla dan membayar denda 20 juta dollar AS.
Kesepakatan ini diumumkan setelah pihak SEC yang menggugat Elon Musk terkait kicauannya di Twitter. Musk, dinilai memberikan keterangan yang salah dan menyesatkan.
Keterangan tersebut diunggah Musk pada 7 Agustus 2018 lalu. Ia mengatakan di Twiter tentang rencana membuat perusahaan privat alias sahamnya tidak diperdagangkan kepada publik di bursa saham.
Kala itu Musk mengungkapkan ini menarik kembali saham yang telah dimiliki investor di bursa saham.
Lewat akun Twitternya, ia mengatakan harga per lembar saham Tesla adalah 420 dollar atau setara Rp 6,1 juta dan pendanaan untuk membeli kembali (buyback) saham dari investor dikatakan sudah aman. Baca juga: Elon Musk: Mobil Terbang Lebih Banyak Mudaratnya
Alhasil kicauan ini membuat saham Tesla melesat 6 persen. Bahkan di sesi akhir perdagangan hari itu saham Tesla ditutup menguat 10 persen.
Inilah yang jadi permasalahan. Elon Musk dinilai memberikan kicauan palsu terkait buyback tersebut bahkan menurut SEC hal ini bisa dikategorikan sebagai penipuan.
"Resolusi ini dimaksudkan untuk mencegah gangguan pasar lebih lanjut dan membahayakan para pemegang saham Tesla," ungkap Steven Peikin, co-director dari Enforcement Division SEC.
Dalam perjanjian ini, Musk akan membayar penalti sebesar 20 juta dollar AS (Rp 298 miliar) dan setidaknya dalam 45 hari harus mundur dari posisi chairman selama tiga tahun. Kendati demikian ia masih akan tetap berstatus sebagai CEO Tesla.
Dikutip KompasTekno dari Tech Crunch , Minggu (30/9/2018), perjanjian ini merupakan solusi yang lebih ringan ketimbang tuntutan yang dilayangkan SEC pada Elon Musk. SEC meminta pengadilan untuk mencegah Musk agar tidak terlibat apapun di Tesla sebagai bentuk hukuman
In this file photo taken on September 29, 2017, billionaire entrepreneur and founder of SpaceX Elon Musk speaks at the 68th International Astronautical Congress 2017 in Adelaide. (Photo: AFP/Getty Images)
Now that Tesla CEO Elon Musk has settled fraud charges that arose from an errant tweet, what's next for the billionaire, his electric-car company, and the many customers and investors who have a financial stake in both?
Musk will stay on as CEO, but he must leave his position as chairman of Tesla's board for three years and fork over a $20 million fine for having made what the Security and Exchange Commission deemed a "false and misleading'' statement when he tweeted that Tesla had enough financing to go private. Under the settlement, Tesla will also add two new independent directors to the company's board.
The ramifications of the deal are likely to be positive overall, staving off an investigation that could have dragged on indefinitely and sapped the relatively young company of car buyers' confidence and revenue.
But it's also a rare loss for Musk, an innovator who's made bold strides in industries ranging from electronic payments to space exploration.
Here's a look at what the future likely holds:
For car owners
Those who've shelled out tens of thousands of dollars for a Tesla vehicle should be breathing a sigh of relief, some industry watchers say.
More Money: Tesla's Elon Musk settles SEC charges, will remain as CEO but relinquish chairman role
More Money: Elon Musk and the SEC: A timeline of how we got here
More Money: SEC charges Tesla CEO Elon Musk with false statements, seeks his removal
“Everyone should be pleased that ... this is over with,'' says Rebecca Lindland, executive analyst at Kelley Blue Book, who says an extended inquiry could have pushed the niche company, which has steadily lost money, into financial peril, even bankruptcy.
"This is a company people are actively investing in, both in the stock market but also in their own garage,'' Lindland says. "So it would have been damaging to a lot of people if the company had gone bankrupt or if this (investigation) had gone on for years."
For Elon Musk
The charismatic Musk has achieved an almost cult-like following and has a talent for grabbing headlines whether he's dating a famous actress or sniping at a fellow mogul. But the tussle with the SEC may dim some of his celebrity glow.
CLOSE The Tesla CEO has tweeted a few questionable items, and one is bringing about a lawsuit from the Securities and Exchange Commission. USA TODAY
“I think this is the first hairline crack in the Elon Musk personal image,'' says branding expert Rob Frankel, who adds that Musk personifies Tesla in much the same way that Steve Jobs personified Apple. "Musk by now is known as much for his erratic behavior in both his personal life and his business life as he is for his creative and innovative genius. This is the first formal rebuke that has resulted from that behavior, and that could be a problem.''
But others say Musk caught a break, retaining a top-level role and avoiding what could have been far harsher penalties.
"Musk at least remains at the helm of the company, and adding a couple of board members is a good thing,'' says Michelle Krebs, executive analyst at Autotrader.
And with the SEC settlement calling for an independent chairman to be appointed to take Musk's place, he may be freed up to do what many believe he does best.
"People can replace him as chairman, but nobody can replace his visionary point of view,'' Lindland says. "We need people like him in the world to push us forward, to challenge boundaries, to challenge ideas. We don't need to have him run the day-to-day operations.''
For Tesla
Tesla will need to add the two new independent directors within 90 days. And the SEC deal also calls on the company to create a permanent committee to oversee the executive's communications with shareholders, via tweet and other means.
Such steps could infuse Tesla with some much-needed stability.
"It will provide some independent governance that Tesla is lacking right now as it grows and as it continues to develop as a company,'' Lindland says.
For stockholders
Shareholders will likely be relieved that the shadow of an SEC inquiry is no longer hovering over the car maker.
"The settlement means the stock can form a base and build from here without being choked off from the fear of a long and withering SEC fraud trial,'' says investor and brand management expert, Eric Schiffer, CEO of the Patriarch Organization.
The company's stock had closed Friday at $264.77 a share, down 13.9 percent from its Thursday close, just before the SEC announced that it charged Musk with securities fraud.
Investors will still probably keep a wary eye on how Tesla's new diversified leadership steers the business.
"Typically these strongly led companies will withstand a few shocks,'' says Frankel, "but eventually if the situation isn't corrected, they fall apart. So I would imagine that Tesla investors would be on yellow alert.''
For rival automakers
For others eager to plant a stake in the electric car space, Tesla's missteps may provide a primer for what not to do.
“I’ve had a lot of startup clients, and I can tell you from experience, it’s always better to be second or third in the market because you don't have to put up nearly as much in human and financial capital to invent the market as the first guy does'' Frankel says.
But thanks to the SEC deal, Tesla may be getting a second wind.
Other "manufacturers may not be directly impacted by a new chairman at Tesla,'' Lindland says. But "it reinforces that they're going to continue to be a formidable rival."
Contributing: Nathan Bomey
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