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Top Investor of Tesla Wants Elon Musk to Step Down as CEO

Earlier in February, the SEC again held Musk in contempt of court for allegedly violating a previous public disclosure settlement

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Visitors inspect Tesla electric cars at Brussels Motor Show, Belgium, Jan. 18, 2019. VOA

A top investor in the electric car maker Tesla has stressed that Elon Musk should step down as CEO as his irresponsible tweets can do the company more harm than good.

James Anderson from the UK-based investment management firm Ballie Gifford, which holds a 7.5 per cent stake in Tesla, told a German magazine that he “does not think Elon needs to be CEO”.

“His micro-management also includes the desire to speak to the stock market and the world in ways we do not necessarily consider helpful,” Anderson, who knows Musk personally, told Germany’s Manager magazine on Thursday.

His comments referred to Musk’s fondness for controversial midnight tweets that has already forced him to step down as Tesla Chairman.

Musk reached a settlement with the US Securities and Exchange Commission (SEC) over his controversial Twitter activities in April, agreeing to have more specific oversight on his tweets about the company.

Tesla CEO Elon musk, board
Tesla CEO Elon Musk. (VOA)

According to the settlement, all tweets from Musk about Tesla’s financial health, sales or delivery numbers would have to be pre-approved by a company lawyer.

The SEC sued Musk last year as well for making fraudulent statements after he tweeted in August 2018 that he had “funding secured” to take Tesla private at $420 per share.

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The parties later settled and Musk agreed to step down as Chairman and have the company’s lawyers pre-approve written communications, including tweets with material information about the company.

Earlier in February, the SEC again held Musk in contempt of court for allegedly violating a previous public disclosure settlement. (IANS)

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Electric Vehicle Maker Tesla Teases Model S with ‘Plaid Powertrain’

Earlier, Musk had said that Tesla was reserving the "Plaid mode", which is a reference to Spaceballs like Tesla's other performance modes, for the next-generation Roadster

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tesla
Visitors inspect Tesla electric cars at Brussels Motor Show, Belgium, Jan. 18, 2019. VOA

Electric Vehicle (EV) maker Tesla has released a video showing a Model S with a ”Plaid powertrain” and a new ”chassis prototype” that its CEO Elon Musk reportedly said can go faster than the “ludicrous” speed the company”s vehicles currently achieve.

Musk said that they broke the fastest lap record for 4-door vehicles with a Model S at the Laguna Seca racetrack, and they are going to release a video about it soon. The automaker has now released the video, but we learn that the vehicle has been modified, Electrek reported on Wednesday.

Tesla CEO Elon musk, board
Tesla CEO Elon Musk. (VOA)

With this new version of the Model S, the EV maker completed a 1:36.555 lap time, achieving a new record lap for a four-door sedan, which is a big improvement over the previous best time in a Tesla Model S P100D.

Also Read- Researchers Report Two Newly Discovered Species of Electric Eels in South America

Earlier, Musk had said that Tesla was reserving the “Plaid mode”, which is a reference to Spaceballs like Tesla”s other performance modes, for the next-generation Roadster. (IANS)