Published: Wed, October 17, 2018
Electronics | By Shannon Stone

Teslaquila Could Pack Some Serious Voltage - If Musk’s Not Pulling Our Chain

Teslaquila Could Pack Some Serious Voltage - If Musk’s Not Pulling Our Chain

Elon Musk confirmed the news in a subsequent tweet, simply saying that "Teslaquila coming soon ..."

Tesla confirmed the settlement by declined to comment further.

Tesla said here the purchase was "separate and apart from the settlement" between Musk, Tesla and the SEC and did not respond to Reuters requests for more information on the reasons for the purchase.

Resolution of the case should allow Palo Alto, California-based Tesla to move on from the latest distraction to its core business of pumping out electric vehicles at a sufficient clip to please investors, some of whom have been rattled by Musk's social-media behavior. The problem began when on August 7, 2018 Musk tweeted that he was thinking of taking Tesla private at $420 per share. Terms of the settlement include Musk resigning from his chairman role, Tesla to add independent directors to its board, and each Tesla and Musk paying a $20 million fine.

After investigating Tesla during September for CEO Musk's use of Twitter, both the company and its flamboyant Chairman were found to have abused rules on investor communications.

On 4 October, just hours after the court ordered him and the SEC to explain why their settlement was fair and reasonable, Mr Musk appeared to mock the SEC on Twitter.

Tesla agreed to pay a separate $20 million penalty, according to the SEC.

Elon Musk first introduced the idea and the label earlier this year during a April Fools' Day prank. Mr. Murdoch's name for consideration of the Chairman's post was also brought up previously by The New York Times.

But, it is hard to laugh it off entirely in case of Musk who joked about making a flamethrower once and actually did it, then he built a "kid-sized submarine" back in July which he wanted to use to rescue Thai football players from a flooded cave.

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