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Elon Musk Steps Down As Chairman Of Tesla

Musk has courted several controversies in recent times by making a series of unusual public comments or appearances.

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Elon Musk agrees to step down as Chairman (VOA)
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Coming under pressure from his lawyers and investors of Tesla, tech billionaire Elon Musk has agreed to step down as chairman of the company for three years and pay a $20 million fine in a deal with the US stock market regulatory authority, Securities and Exchange Commission (SEC), to resolve securities fraud charges.

The SEC announced the deal on Saturday — two days after it sued Musk in federal court for misleading investors over his post on Twitter last month that he was considering taking Tesla into private ownership.

Musk said that he had “funding secured” for a buyout of the electric-car company at $420 a share, reports The New York Times.

Under the settlement, which requires court approval, Musk will be allowed to stay as CEO but must leave his role as chairman of the board within 45 days. He cannot seek re-election for three years, according to court filings.

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Musk faces lawsuits for ‘paedo’ remark, Tesla tweet. (Wikimedia Commons)

He accepted the deal with the SEC “without admitting or denying the allegations of the complaint”, according to a court document.

“As a result of the settlement, Elon Musk will no longer be Chairman of Tesla, Tesla’s board will adopt important reforms — including an obligation to oversee Musk’s communications with investors — and both will pay financial penalties,” Steven Peikin, Co-Director of the SEC’s Enforcement Division, said in a statement.

“The resolution is intended to prevent further market disruption and harm to Tesla’s shareholders,” Peikin added.

Musk’s tweet about taking his company private, along with attacks on critics on social media, raised concerns with investors about whether Musk has become too focused on criticism from so-called short-sellers who had been making bets against him and Tesla.

According to the SEC’s complaint, Musk’s misleading tweets caused Tesla’s stock price to jump by over six percent on August 7, and led to significant market disruption.

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Tesla has become the most valuable American carmaker, with its stock worth more than $50 billion. Pixabay

Tesla in recent years has become one of the most valuable American car maker, with its stock worth more than $50 billion.

But its shares have been hit hard since the SEC filed the lawsuit. On Friday, its stock dropped almost 14 per cent.

Musk, a co-founder of Tesla, is the company’s largest stockholder, owning approximately 22 per cent of its outstanding shares.

Also Read: Elon Musk Apologises To UK Driver For Calling Him a ‘Pedo’

The company has recently been struggling to meet audacious production goals for its Model 3 sedan.

Musk has courted several controversies in recent times by making a series of unusual public comments or appearances, including an Internet interview in which he appeared to smoke marijuana. (IANS)

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High-Risk Pregnancies Can Now Be Easily Spotted With Samsung’s New Ultrasound System

HERA is a new platform which stands for Hyper-aperture Enhanced Reconstruction Architecture, incorporating Samsung's new Crystal Architecture.

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Samsung, galaxy, Ultrasound system
Samsung planning to develop AI-powered multi-device system. Flickr

Samsung Medison, a global medical equipment company and an affiliate of Samsung Electronics, on Sunday unveiled a new ultrasound system which is expected to facilitate the examination of high-risk pregnancies and early diagnosis of abnormal foetus conditions.

The new ultrasound system provides an 11-fold increase in processing power and 10 times the data transfer speed of the company’s previous system, Samsung said.

The company unveiled the new generation of premium ultrasound system HERA W10 and prototype of a chair-type ultrasound system HERA I10 at the 28th World Congress of the International Society of Ultrasound in Obstetrics and Gynecology (ISUOG) held here from October 21-24.

Ultrasound Images, Ultrasound System
Ultrasound Images, Pixabay

“Samsung is proud to introduce a new premium ultrasound system HERA W10 and a form factor innovation ultrasound HERA I10, as well as solutions that greatly improve the efficiency of hospitals,” said Dongsoo Jun, President of Health and Medical Equipment Business at Samsung Electronics and CEO of Samsung Medison.

Also Read: Samsung Launches Galaxy S4 Tab

HERA is a new platform which stands for Hyper-aperture Enhanced Reconstruction Architecture, incorporating Samsung’s new Crystal Architecture to provide advanced technology and capabilities with a new level of image quality.

The new platform combines Crystal Architecture with an advanced transducer technology called S-Vue. (IANS)