Musk is expected to become chairman of Tesla again? The current chairman sold $22 million in shares


Tencent technology news on August 6, with the expiration of the settlement agreement reached with the U.S. Securities and Exchange Commission (SEC), Elon Musk, CEO of Tesla, is expected to become chairman again. It is not known whether Robyn Denholm, the current female chairman of the company, will let Yin, but it has sold $22 million worth of Tesla shares.
Danholm joined Tesla’s board of directors in August 2014 and succeeded musk in November 2018 after he was forced to resign as chairman according to the settlement agreement with the sec. She lives in Australia and was the CFO of Telstra, an Australian telecommunications company.
Tesla’s regulatory filing with the SEC shows that Danholm exercised the option to buy these shares, paid the necessary exercise price, and then sold these shares. All transactions were completed on August 2. She sold 31250 Tesla shares and cashed in more than $22 million. According to the filing, the prices of these shares range from $700 to $726.12.
As company executives, Danholm and others are regarded as “insiders”, so any stock transactions must be reported to the sec. Previously, Jerome Guillen, the former head of heavy trucking of Tesla, and Vaibhav Taneja, the accounting officer, were also required to submit filing documents to the agency when selling the company’s shares.
Interestingly, as executives, selling shares does not always mean they are leaving the company. For example, although Gillen sold more than $6 million of shares on May 13 and then left Tesla on June 3. However, Taneja, who sold nearly $3 million of shares in mid July, still remains in the company.
However, Danholm’s situation is different from these executives. Because in the settlement agreement announced with the SEC in September 2018, musk was required to resign as chairman of Tesla and be replaced by independent directors for a period of three years. Now, the three-year period is about to expire, which means musk is likely to take up the position again.
The removal of chairman musk is one of the four requirements of the SEC settlement agreement. Other requirements are:
2) Tesla needs to appoint two new independent directors to the board of directors;
3) Tesla needs to establish a new independent board committee and set up additional controls and procedures to supervise Musk’s communication;
3) Musk and Tesla will pay a fine of $20 million respectively, and the fine of $40 million will be distributed to damaged investors according to the procedures approved by the court.
In an interview shortly after the settlement with the SEC, musk said that he did not respect the agency, but he was willing to abide by the settlement agreement because he respected the judicial system. Musk did not remain silent about the SEC’s dissatisfaction, and even attacked the agency on twitter in July 2020. After selling a large number of Tesla shares, it remains to be seen whether Danholm will resign´╝ł Tencent Technology (reviser / Jinlu)