[ad_1]
Elon Musk took to
on Monday with messages that sowed confusion about his official role at
Tesla
Inc.,
a month after a settlement with federal regulators intended in part to better govern his public statements.
“Deleted my Tesla titles last week to see what would happen,” said a post on Mr. Musk’s official Twitter account Monday afternoon. “I’m now the Nothing of Tesla. Seems fine so far.” Less than 90 minutes later, at 3:06 p.m. PDT, he suggested in another tweet that he would take the title of president to fulfill legal requirements for company officers, or “it will confuse the authorities.”
Tesla didn’t respond to requests for clarification. The company hasn’t disclosed any change in Mr. Musk’s status as chief executive and chairman, although he is supposed to relinquish the chairmanship by mid-November as part of an agreement reached on Sept. 29 with the Securities and Exchange Commission.
Mr. Musk’s tweet on Monday referred to the recent deletion of his titles on the management page of Tesla’s website, where titles of two other top executives were also removed. The company hasn’t explained the changes.
The SEC agreement was to settle accusations by the agency that Mr. Musk misled investors with tweets on Aug. 7 that said he had secured funding to take Tesla private. Shares soared on the unexpected announcement only to later plummet over ensuing days as it became clear that no such plan was finalized.
The settlement required that Mr. Musk and Tesla each pay $20 million. It also required that he step down as chairman for three years and that Tesla add two new independent directors and establish a system to oversee Mr. Musk’s communications.
Mr. Musk has continued his unorthodox use of Twitter since the settlement. On Oct. 4, he appeared to mock the SEC with a tweet labeling it the “Shortseller Enrichment Commission,” a reference to his feuds with investors who bet that Tesla shares will decline. On Friday night, he suggested on Twitter that his Aug. 7 tweet was “worth it,” despite the SEC fine.
Tesla shares, which closed up 1.2% Monday, fell by as much as 1% in after-hours trading before regaining some ground.
The latest Twitter episode follows Tesla last week posting a record profit for the third quarter that beat Wall Street expectations and boosted hopes that Tesla’s new Model 3 can help transform it into a competitor against much larger global car makers.
The Tesla board early this year awarded Mr. Musk a compensation package preliminary valued at as much as $2.62 billion that pays out in company stock if he reaches several milestones during the span of a decade. The package requires that he be either Tesla’s CEO or executive chairman and chief product officer at each milestone for the stock awards to vest.
Write to Tim Higgins at [email protected]
[ad_2]
Source link
