Tesla adds Ellison and HR exec to board to appease SEC

Tesla names Larry Ellison to board

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This fall, California became the first USA state to mandate that publicly traded companies have women on their boards.

The electric vehicle company tapped Oracle co-founder Larry Ellison and Walgreens Boots Alliance Executive Vice President Kathleen Wilson-Thompson for its board of directors, an element of the September agreement between Musk and the US Securities and Exchange Commission that resolved charges that Musk defrauded investors by claiming on Twitter that he had secured funding to take Tesla private. In the settlement with the SEC, the company had committed to pay 20 million Dollar penalty and to appoint a new Board of Directors, the chief (Chairman).

In Mr Ellison, Mr Musk has added another larger-than-life technology titan lauded for his business accomplishments but not without his own corporate-governance controversies.

The fallout, which included the U.S. Securities and Exchange Commission subsequently filing fraud charges against Musk for what it said were his "false and misleading" tweets, led some investors to call for stronger board oversight of Musk. "He's landing rockets on robot drone rafts in the ocean". Well, who else is landing rockets? Tesla hit the 200,000 mark in orders earlier this year.

Two nights ago, Tesla boss Elon Musk sent out a tweet telling his millions of followers that there was 48 hours left to buy a new EV and still qualify for the full $7,500 tax credit from the US government.

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Richard Walker, a spokesman for Global Affairs Canada, said Friday that McIver "was released and has now returned to Canada". Sarah McIver was arrested earlier this month because of a complication with her work visa.

The move is meant to usher Tesla past months of turbulence following Musk's August 7 tweet that he was considering taking the company private and had secured funding.

Tesla's the day after the legal action was announced, wiping more than $5bn from the company's market value. Tesla reached that mark in July - the first automaker to do so. Since then, the chief executive has publicly lampooned the agency and bristled at the notion that he'll change his Twitter habits. Before he joined the company, he represented Musk through two divorces.

So, Tesla settled for tech luminary and Elon's BFF, Larry Ellison, to fill one of its two open independent director roles.

In November, Phil Rothenberg, a vice president on Tesla's legal staff, left to became general counsel at Sonder, a hospitality startup.

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