Privatization of Tesla not happened but made the Elon Musk to Suffer, in August of 2018 Elon Musk tweeted about to sale the shares of Tesla at 420$ per share while this act of Musk put him under fraud charges and as per deal with US Security and Exchange commission until the settlement of charges Elon Musk have to Resign from chairmanship of the company. Elon Musk has been fined of $20 million and will not be able to take chairmanship for next three years.
Right after the news of Resignation on 27th September Tesla’s shares decrease by 42 units by falling from 312 units to 270 units.
Elon Musk also showed his disappointment on this case and said;
This unjustified action by the SEC leaved me deeply saddened and disappointed, I have always taken action in the best interest of truth, transparency and investors. Integrity is the most important value in my life and facts will show I never compromised this anyways.
Elon Musk will Remain CEO of the company but this lost of chairmanship may impact his decision making power while on the other hand upcoming competition may not bring fortune to the company and investors as well.
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