Elon Musk Says He Is ‘The Nothing of Tesla’

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By JD Lasica from Pleasanton, CA, US (Elon Musk) via Wikimedia Commons

Elon Musk, the founder and boss of Tesla, said that he had deleted his job titles at the electric car manufacturer only to “see what would happen.”

The stunt was announced on Twitter. It comes after Musk recently agreed to step down from his position as the chairman of the company in order to prevent further action from a regulator in the United States.

He stated: “Deleted my Tesla titles last week to see what would happen. I’m now the Nothing of Tesla. Seems fine so far.”

However, he later posted a tweet that he would be keeping one of his job titles. He tweeted: “Legally required officers of a corporation are president, treasurer & secretary. Guess I have to keep 1st one or it will confuse the authorities.”

The biography of Musk on the website of Tesla describes him as the “co-founder and CEO.” However, Reuters said in a report that this page had previously referred to Musk as the chairman, product architect and CEO of the company.

The Securities and Exchange Commission (SEC), a US regulator, agreed to a settlement with Musk on the 29th of September that saw him step down from his position as the chairman of the company for at least three years.

The settlement brought an end to an investigation that was conducted by the SEC into a tweet that was posted by Musk last August. The tweet suggested that he had the secured funding for a buyout of Tesla for $420 per share and that he would be taking the company private.

The announcement resulted in the increase in share price and a complaint that was filed by the SEC saying that Musk had “neither secured a commitment of funding from any source nor confirmed investor support.”

The regulator also stated that the said price was arrived at “because of its significance in marijuana culture, and [he] thought his girlfriend would be amused by it.”

An agreement was reached by both parties whereby Musk would be stepping down as chairman, and remain as chief executive and pay a fine amounting to $20m (£15.7m).

Also, a fine amounting to another $20m was imposed on Tesla and the board was informed that it is required to implement procedures for monitoring the communications of Musk with the investors of the company, including his posts on Twitter.

Last week, Tesla revealed its best-ever quarterly results with a net profit amounting to $311m in the third quarter of the year, increasing from a loss of $619m during the previous year.