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Elon Musks tweets showing Tesla's board may or will not keep him in check



Elon Musk's renewed feud with the Securities and Exchange Commission after another errant tweet raises concerns about the Tesla Board's ability to control the electric car manufacturer's strong and unpredictable CEO.

Tweets on February 1

9 had Musk in SEC's crosshair again and pushed for contemptible charges. Until March 11, he explained to a New York federal judge why he should not be despised for tweeting production numbers for 2019, which were inaccurate and that Musk corrected later that day. The SEC said that Musk sent tweets without submitting them for review or obtaining company approval.

Under the agreement, Tesla was also obliged to add two independent directors to the board.
Software mogul Larry Ellison, chairman and chief engineer for Oracle, and Kathleen Wilson-Thompson, global head of human resources officers in the pharmacy chain Walgreens Boots Alliance, joined the board in December.

It also alienated Australia Telecom Executive Robyn Denholm, who joined the Tesla board in 2014, to replace Musk as chair in early November.

But it is unclear how much power she actually has over Musk, Kelley Blue Book editor Matt DeLorenzo said Tuesday on CNBC's "Power Lunch".

"There was this agreement to involve Robyn Denholm as chairman, and the real question here is: Is it window dressing? I mean, the question is:" Who is kind of Elon's boss and how should this question be addressed? DeLorenzo said.

After the Secretariat filed its latest complaint, Musk went to twitter again to criticize the agency and said "Something's broken with SEC oversight."

Even with the new additions, Musk seems to control the board, including who has been appointed and removed, Elson said. Any attempt to hesitate in results as potentially in their replacement.

"And they appreciate that I'm more on the table than acting like normal board members would in such a situation," Elson said. "In most companies, they would be gone."

In his complaint, SEC quoted an interview by Musk with CBS & quot; 60 minutes & quot; in December when he said the company did not have to review its tweets. [19659003] Asked how the company would know if he was planning to send a potentially moving-moving tweet without being able to read it, Musk told the news show: "Well, I think we can make mistakes. Who knows?"

Turnover in Tesla's management teams has also raised red flags, especially the sudden departure of former Secretary-General Dane Butswinkas, who left after just two months at work. Tesla has lost over 40 executives since 2016.

"It should be a signal of something," Elson said.

Former SEC President Harvey Pitt told CNBC that Musk should be disregarded for his comments. Although Pitt said he did not know why Butswinkas left, he believes that many recently deceased leaders may feel that Musk is not listening to them.

"For anyone who is a high-powered, highly skilled lawyer he was and is, it has to be incredibly frustrating"
Pitt said Tuesday on "Squawk Box". "I think the same problem exists in many areas, and unless the board takes its oversight, we will continue to see this huge turnover."


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