Tesla welcomes new members aboard. This move promises to strengthen the current board, which was also committed by Elon Musk, the founder of the company to the SEC or Securities and Exchanges Commission.
Larry Ellison, the co-founder and Chairman of Oracle, the Enterprise cloud software firm and Kathleen Wilson-Thompson, the Walgreens Boots Alliance executive were elected as the board of member after the Securities and Exchanges Commission had fined the owner of Tesla due to his misleading Tweets that claimed to take the company in the private segment. Larry Ellison is a close friend of the founder of Tesla and owns nearly 3 million shares of the Tesla stock. Kathleen Wilson-Thompson is the Walgreens Boots Alliance’s head of the Human Resources, which is a global pharmacy chain and was in the position of an executive at Kellogg.
The investors were very happy about the announcement and spiked the shares of the company by 4%. Meanwhile, Elon Musk has promised to step down from the position of Chief Executive on October. However, he continues to be in his position even after the commitment.
In 2010, Elon Musk and Larry Ellison featured in Iron Man 2 in brief roles. They were tech billionaires in the movie.
In August, Elon Musk tweeted he has an amount of fund secured to extract the electric car maker company from the stock market and transform it into a private company. According to his Tweet, the proposal of funding will make the shares of Tesla worth $420 a share. Though the prices of the share witnessed a hike initially but fell in a short time. According to the Securities and Exchanges Commission, the claim was not only false but was also misleading. Therefore, it has pledged to sue him for the security fraud. On October, he had committed to paying $20 million or £15 million as a settlement fee and put down the papers but has failed to keep his promise.