Titanium Media App reported on July 3 that activist investor SOC Investment Group has asked U.S. federal financial regulators to investigate electric car maker Tesla , because the latter is planning to reduce the size of its board of directors from eight to seven and cancel the Independent director seats. Tesla announced in its proxy statement in June that Oracle founder Larry Ellison is not planning to run for re-election at this year's annual shareholder meeting, and the company is not planning to nominate anyone to replace him. SOC Investment Group urged the SEC to reject Tesla's application. SOC Investment Group argues that Tesla’s plan and that its CEO Elon Musk continue to use social media to post material business information without the pre-approval of securities lawyers violates the agreement between Tesla and Musk. Terms of a 2018 settlement with the SEC.
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- 2022-07-02Tesla plans to reduce board size, activist investor group asks SEC to investigate
- 2021-07-12 Musk: Tesla doesn’t want to be just a car company, doesn’t set a price for SolarCity acquisition
- 2019-04-20Tesla shrinks board members, three Musk allies will leave
- 2019-04-08 Musk was exposed to physical conflict with employees, Tesla board denied
- 2018-12-28Tesla commitment deadline has arrived: need to add a new independent director to supervise Musk’s tweets
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