Elon Musk to resign as board chairman of Tesla, pay $20 million fine
That’s a high price to pay for a stupid pot joke. Elon Musk must step down as chairman of the board of Tesla for three years – and he and the car company will each forfeit $20 million – under a punishing settlement forced by the Securities and Exchange Commission. When first questioned by the SEC, Musk confessed that he had settled on the $420 figure to make a dumb pot joke to impress his girlfriend. Musk will remain chief executive of Tesla, the SEC said in announcing the settlement Saturday. In accepting the settlement terms, Musk has neither admitted nor denied the SEC’s civil allegations that he committed fraud by misleading his investors.
The settlement terms are slightly tougher than those Musk had rejected during negotiations Thursday, The New York Times reported, citing two people briefed on the talks. Those earlier terms would have barred him from serving as chairman for two years instead of three and would have cost him a $10 million fine instead of $20 million. The SEC made an initial hardball offer before filing Thursday’s lawsuit, under which Musk would have stepped down for two years as both chair and CEO, effectively severing all ties to Tesla. The SEC slap comes two months after Musk earned the feds’ ire with a Wall Street-blindsiding Aug. 7 tweet teasing that he planned to take the company private. Tesla’s own executives had been caught unawares.
He had calculated a potential share price of $419 by taking that day’s closing share price and tacking on a 20 percent premium, the feds alleged in the lawsuit. Earlier this month, Tesla fell to its lowest point in five months after he smoked marijuana on a Joe Rogan podcast.
Elon Musk smokes marijuana live on web show
YOUTUBE/POWERFULJRE Tech entrepreneur Elon Musk has smoked marijuana live on the web during a podcast with comedian Joe Rogan. Mr Rogan offered his guest the drug, which is legal in California, as the pair discussed tech innovation and the public’s perception of Mr Musk. Tesla shares fell more than nine per cent following Mr Musk’s appearance on the show. BBC business correspondent Kim Gittleson says the podcast appearance coupled with the departure of a key executive who blamed increasing public scrutiny of the company for his decision to leave has shaken investor confidence in Tesla. His controversial plans regarding Tesla’s ownership were dropped about two weeks later, following outrage from some investors.
From his frequent tweet storms, to accusing a British rescue diver in Thailand of pedophilia, to a quick u-turn on an effort to take Tesla private – it’s no wonder both investors and his closest friends have begun to worry. When it comes to Tesla, the erratic behaviour of Mr Musk might be the least of the company’s problems. Tesla has long been one of the most bet-against stocks on Wall Street. While that’s something that has long frustrated Mr Musk, this certainly won’t change that. During the podcast, Mr Rogan offered Mr Musk a joint, which he said contained a mix of tobacco and marijuana – dried leaves and flowering parts of the female cannabis plant.
During their conversation, Mr Musk talked about his health and his management of Tesla – which he said was the most challenging of his various businesses and projects. To close the podcast, Mr Musk was asked if he had any concluding remarks.
What is the NW Cannabis Club in Portland Oregon?
A unique venue, where you can enjoy international independent films, as well as, legally use Marijuana or Cannabis products in Portland, Oregon. NW Cannabis Club isn’t only a legal Marijuana Theater in Portland Oregon. It is a members only club that allows Marijuana smoking, vaping, edibles and dabbing while watching movies on a giant screen. There is also plenty of indoor social areas with pool tables, video games, board games, chess, couches, lounge areas and an alcohol-free bar with low priced munchies. You can’t actually purchase Marijuana or Cannabis products inside the club, but you can bring your own bud and consume it legally.
You must be 21 Years Old to enter or become a member of the NW Cannabis Club. Film Festival Circuit Inc. has partnered with the NW Cannabis Club to show independent international films on special event nights. The Northwest Cannabis Club is not a pure theater, it offers so many entertainment options for it’s members. There are painting classes, live stand-up comedy, live musical guests, Cannabis auctions, Celebrity Dab Wars and now Film Festivals as well.
There is a one-time charge of $20 cash at the door to become a member of this private club. On Horror Film Thursdays and the Portland Comedy Film Festival, each day offers 4 hours of films. You must be 21 Years Old to enter or become a member of the NW Cannabis Club..
Elon Musk smokes marijuana on Joe Rogan’s podcast
Tesla’s Elon Musk provoked another Twitter storm on Friday by briefly smoking marijuana on a live web show with comedian Joe Rogan. The forty-seven year old billionaire spent two and a half hours on a podcast late Thursday discussing everything from artificial intelligence and its impact on humankind to flame throwers and social media. Musk stunned investors a month back with tweets saying he had funding to take the company private for $420 per share. He then backed off from his plan saying Tesla was better off as a public company. He followed it up with fresh attacks on British cave diver Vernon Unsworth.
Neither Tesla nor Musk have commented on the Buzzfeed report. Musk apologized to Unsworth in July for similar insults he made on Twitter following the rescue of a dozen Thai schoolboys and their football coach from a cave in Thailand. The billionaire’s behaviour has raised concerns about his leadership and several Wall Street analysts have called for the company to appoint a strong No. 2 to prop up Tesla’s operations and standing with investors. His followers on Twitter went into a frenzy following the podcast. Several followers questioned if it was against the company’s policy, while others mocked the CEO’s initial $420 bid, a number that has become code for marijuana.