Tag Archives: Elon Musk

SEC Seeks the Removal of Elon Musk From Tesla CEO Role

Elon Musk just can not catch a break this year. The SEC has decided to charge him with lying and recklessly misleading the public due to a tweet on Twitter. And no, the SEC is not just a college football conference.

Elon Musk is facing trouble once again and this time, it could force him out from Tesla; photo from time.com
Elon Musk is facing trouble once again and this time, it could force him out from Tesla; photo from time.com

The Securities and Exchange Commission (SEC) is seeking the removal of Musk from his role as CEO of Tesla after a tweet in August in which he claimed that he had “funding secured” to take Tesla, a car company, private.

The SEC holds the primary responsibility of enforcing all federal securities laws, proposing them, and regulating them. A lot of their focus leads to the stock market and making sure it is fair for everyone.

This civil lawsuit, which was filed in New York City on Thursday, could lead to tremendous losses for Tesla and the forced removal of Musk from the CEO role.

The SEC claims in their lawsuit against Musk that “he had not discussed, much less confirmed, any key deal terms, including price, with any potential funding source.”

Besides the normal fines that could be imposed, the SEC has asked the federal court to block Musk from being able to run a public company, which could lead to him being removed from Tesla.

Stephanie Avakian, the co-director of SEC’s Division of Enforcement said at a press conference, “We allege that Musk’s statements were false and misleading because they lacked any basis in fact.”

Musk has not had a good year with Tesla or in the public eye. He is currently in another lawsuit against a British diver for libel and slander after Musk called the diver a “pedo” on Twitter. This was after the diver questioned the efforts of Musk during the successful rescue of a Thai boys soccer team in Thailand.

Maybe a good suggestion for a smart man like Musk would be for him to just delete Twitter.

SpaceX has it’s first customer for a trip to the Moon

It has been over 40 years since humans were last on the Moon, and since the last space shuttle mission in 2011 there has been a marked decrease in humanity venturing forth into space.

SpaceX wants to change that very soon.

One of Space X's spacecrafts: the Dragon. Photo from spacex.com
One of Space X’s spacecrafts: the Dragon. Photo from spacex.com

On Tuesday, it was announced that Yusaku Maezama, a Japanese billionaire, would be the first person to go into space for a fee.  Maezuma, who made his fortune from various businesses, said “Finally, I can tell you that I choose to go to the moon” at an event at SpaceX’s headquarters in Los Angeles, California.

Maezuma may be best known from a purchase last year of a 1982 painting by Jean-Michel Basquiat, costing well over $110 million.

As of right now, the cost of the trip remains unknown, and neither Maezuma nor Elon Musk–founder of SpaceX–have disclosed any of the prices of the trip.

Maezuma has been wanting to follow in the footsteps of the Apollo astronauts who went the moon, and his path will be similar to that of Apollo 8, which orbited around the moon in 1968.

The rocket that Maezuma and other customers will be on has been named “B.F.R.,” and it will take at least four or five days to orbit the moon and come back to Earth. The full name of the rocket has not been released according to the New York Times, but is said to be called “Big Falcon Rocket”–a name said by SpaceX’s president, Gwynne Shotwell.

Musk has stated that the rocket will not be ready for takeoff until at least 2023 and would cost between $2 to $10 billion to fully develop. However, he notes that Maezuma had paid “a meaningful contribution to the project’s completion,” at the announcement.

Musk has had a rough year with Tesla and it’s sales. Musk threatened to make the car company private before changing his mind. Then, on Monday, it was made official that Musk was being sued by a British diver due to Musk suggesting that the diver was a pedophile.

SpaceX, on the other hand, has had a very successful year with little to no incidents involving its satellites and spacecraft.

SpaceX’s goal is to continue to plan the trip for the next few years. The end game is 2023, when the world will see humanity’s first private take-off to bring passengers to the stars.