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Home / Business / Elon Musk tweets that the SEC is "broken". What would it take for Tesla to be done with him?

Elon Musk tweets that the SEC is "broken". What would it take for Tesla to be done with him?



Now he is once again fighting against the Securities and Exchange Commission, which can attempt to remove him from his position in Tesla.

The SEC on Monday asked a federal court to find Musk contempt to break an agreement reached in October. Musk last week tweeted that Tesla would build 500,000 cars this year. It was wrong: Tesla ( TSLA ) said that it would only produce about 400,000 cars during the year. Musk had not received Tesla's approval to send his tweet. It breaks the deal, according to the SEC.

The regulator did not specify what penalties it would apply if he was found contempt, but it had previously sought to remove Musk as CEO. Last year, Musk spoke falsely that he had secured funding to take the company privately. In October, the secretary allowed Musk to keep his CEO, but he agreed to give up his chair. He also needed to get pre-approval from Tesla bosses of social media posts on corporate information that is "material" to investors.

The decision to remove Musk as CEO does not rest on the SEC; It would be up to a judge. Or Tesla's board could decide to pull the plug on Musk, if it decides to have had enough.

Musk is a loose cannon

Musk is undoubtedly a genius behind the industry shift electric cars Tesla builds. But he is also the driving force behind the volatility of Tesla's warehouse and the revolving door to the company's top talent.

For example, Tesla's top attorney quit one day after Musk & # 39; s February 1
9 tweet that got him into trouble with the SEC. Last year, Tesla left the chief accountant after less than a month in his job after his "funding secured" tweet. The company has also lost top engineers.
Nevertheless, Musk has no regrets. He continued to discuss whether his dislike for the SEC after the trial and said, "Something is ruined by SEC oversight."

Even Tesla bulls start shaking their heads.

"We expect the debate on whether Tesla is better without Musk coming back," says technical analyst Gene Munster, managing partner of Loup Ventures, in a blog post.

"Musket's behavior remains careless," wrote Munster. In the case, the tweet was not as careless as the disrespect for the process he agreed upon in the October settlement. "Munsters comments are particularly biting, because Munster is a long-time muscle sports.

Musk seems reasonably well isolated from being thrown out of his own He handpicked the board, including his brother, other billionaire Larry Ellison and the company's new chairman.

A Tesla spokesman refused to comment

Munster said The company has reason to consider a new CEO.

If Musk leaves, Tesla would more easily recruit and maintain senior management, which would reduce the volatility of Tesla's share fell 3% on Tuesday.

In a note to investors, Wedbush analyst Daniel Ives said he is still "concerned about this problem, which is another distraction for Musk & Co., as the company navigates in one of its most challenging periods in its history and Security did not need this news. "

Musk's antics is a distraction for the company. As many hours as he spends at Tesla, sometimes sleeping at the facility, he has two other companies he also heads – SpaceX and Boring Company.

But Munster believes that Musk is irreplaceable. Being with Tesla would be a positive network for the company. His product vision, focus on innovation speed and delivering good customer experiences are not easily replicated.

  Tesla's miserable week ends on a high note

The performance of this vision has often become short. Tesla is known for lacking deadlines and goals. And last week, Consumer Reports, who have loved their cars during the highway performances of their employees, once again pulled one of their cars, Model 3, off their "recommended" rating due to reliability and maintenance issues reported by Tesla owners in investigations. 19659004] Still, Tesla's current owners are among Musk's biggest fans. Consumer reports say that despite maintenance issues, customers are more satisfied with their purchases than the owners of any other car brand. Customers treat Musk as a rockstar. That is one of the reasons why the question of whether or not Musk wants to stay or go is so important.


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