Tesla (NASDAQ:TSLA): Robyn Denholm New Board Chairwoman
Wednesday night, Tesla (NASDAQ:TSLA) announced Robyn Denholm has taken Elon Musk’s place as Chairwoman of the company’s board.
She is also leaving her role as CFO and Head of Strategy at Telstra, Australia’s largest telecommunications company, once her 6-month notice period with Telstra is complete, and will be working as Tesla Chairwoman on a full-time basis, the company said in a statement.
Mr. Musk was mandated to leave his role as Chairman of the board at Tesla as part of a settlement with the SEC following his ‘420’ take-private Tweets in August.
Mr. Musk said, in that series of Tweets, that he was considering taking Tesla private at 420/share, and had funding secured. The Tweets sent shares soaring to an intra-day high of 387.46/share on 7 August.
Tesla’s stock closed at 348.16/share Wednesday, had fallen by more 25$, but began to rise recently after the company reported its largest Quarterly profit in the company’s history.
In the third quarter of Y 2018 Tesla reported about $6.8-B in revenue and $312-M in profit for the frame. It generated nearly $190-M in revenue from sales of ZES regulatory credits.
The EV maker also delivered 83,500 cars during Q-3, beating the Street analysts’ expectations. It had been struggling to ramp up production of its batteries and M-3 entry level sedans, but more recently began to move past some of its manufacturing challenges.
A Tesla spokesperson said that once Ms Denholm leaves Telstra she will receive 8,000 stock options each year and a cash retainer of $300,000. Ms. Denholm has been an independent director on the board of Tesla since Y 2014.
Tesla is the subject to an SEC investigation and an FBI criminal probe, resulting from the ‘420’ Tweets and misleading production hype.
We do not believe that Tesla is an investment level stock, that it is a speculation for professionals, Caution.
|NASDAQ:TSLA||348.16||7 November 2018||7.10||343.34||351.18||340.8||7,374,500|
|HeffX-LTN Analysis for TSLA:||Overall||Short||Intermediate||Long|
|Bullish (0.28)||Bullish (0.31)||Bullish (0.46)||Neutral (0.06)|