Published: Tue, December 11, 2018
Money | By Ethel Goodwin

Tesla's Elon Musk on '60 Minutes': 'I do not respect the SEC'

Tesla's Elon Musk on '60 Minutes': 'I do not respect the SEC'

"It's not realistic in the sense that I am the largest shareholder in the company", Musk said in an interview with CBS' "60 Minutes," broadcast Sunday evening, adding that a large percentage of shareholders support him and all he needs is about one-third of them. Musk made it clear that, despite a settlement that requires "mandatory procedures... regarding oversight of communications relating to the Company made in any format, including but not limited to, posts on social media (e.g Twitter)", no one is looking over his shoulder or telling him not to tweet.

ELON MUSK: I want to be clear.

Elon Musk on 60 Minutes.

His problematic Twitter messages in August - about trying to take the company private - caused months of chaos, and the agency sought to improve the governance of a board long criticized for being too closely aligned with its billionaire leader.

"I guess we might make some mistakes", he says.

As part of Tesla's separate, but additional $20 Million settlement, the company would need to appoint a new Board Chairman (ultimately choosing Robyn Denholm for the spot), hire two independent board members, and police Musk's Tesla-related Tweets to ensure that they would not affect stock movement.

Musk said he uses Twitter to express himself and that his tweets aren't supervised unless they would cause the stock to move. She is the chief financial officer and strategy head at Telstra Corp.

Tesla, the $61 billion auto and energy company based in Palo Alto, California, specialises in manufacturing electric vehicles with autonomous features and solar panels through its Solar City subsidiary. And I didn't really want to try to adhere to some CEO template.

Somehow, Musk managed to squander a lot of the public's goodwill, which might have something to do with Tesla and Musk's reputed hostility to unions or maybe even that time Musk baselessly called a rescue diver a paedophile.

When Musk was asked if he would like to go back to being chairman, he replied, "I prefer no titles at all". Musk said he would not be interested.

But GM's downsize could be a windfall for Tesla, with the CEO saying the carmaker might consider buying at least one plant if the opportunity came up.

Like this: