6 Most Important Things in Business Today
The government has filed charges against Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk that could cost him his job. According to Reuters:
The U.S. Securities and Exchange Commission accused Tesla Inc Chief Executive Elon Musk on Thursday of fraud and sought to remove him from his role in charge of the electric car company, saying he made a series of “false and misleading” tweets about potentially taking Tesla private last month.
In a lawsuit, the regulator described Musk surprising members of his own team and investors with a series of tweets, starting with the Aug. 7 announcement that he was thinking of taking Tesla private. Twelve minutes after the first tweet, Tesla’s head of investor relations texted Musk’s chief of staff to ask whether Musk’s announcement was “legit”, the SEC said.
Boeing Co. (NYSE: BA) cut a huge deal with the U.S. Air Force. According to Reuters:
Boeing Co was selected to build the U.S. Air Force’s next training jet in a contract worth up to $9.2 billion over the life of the program, the Air Force said on Thursday.
Boeing teamed up with Sweden’s Saab AB to develop a new plane for the competition, beating out Lockheed Martin Corp and Leonardo DRS.
The chief financial officer of J.C. Penney Co. Inc. (NYSE: JCP) is leaving. According to The Wall Street Journal:
J.C. Penney Co.’s chief financial officer is resigning from his role, a little more than year after the struggling retailer announced he would take the job.
Jeffrey Davis told the company he is leaving the position Saturday to pursue another opportunity, the department store chain said Thursday. Jerry Murray, J.C. Penney’s senior vice president of finance, will assume the CFO role on an interim basis.
The head of Samsung faces charges in South Korea. According to The Wall Street Journal:
South Korean prosecutors indicted the board chairman of Samsung Electronics Co. for allegedly clamping down on labor union activities, adding another legal hurdle for the world’s largest chip maker.
Lee Sang-hoon was indicted Thursday for allegedly violating labor union laws while he served as chief financial officer at Samsung Electronics from 2012 to 2017. Mr. Lee, who isn’t related to Samsung’s founding Lee family, became the company’s board chairman in March.
Musk attacked government charges against him. According to CNBC:
Tesla CEO Elon Musk on Thursday called the SEC’s allegations of fraud “unjustified” and said he acted in the best interests of investors.
“This unjustified action by the SEC leaves me deeply saddened and disappointed,” Musk said in a statement to CNBC. “I have always taken action in the best interests of truth, transparency and investors. Integrity is the most important value in my life and the facts will show I never compromised this in any way.”
Netflix Inc. (NASDAQ: NFLX) will up its bet in France. According to Reuters:
Streaming service Netflix Inc. plans to double its investments in France and produce 14 local shows, twice as many as previously planned, Chief Executive Reed Hastings said Friday.
Hastings did not disclose how much Netflix would invest in France, though it would be “many millions of euros”, he told French radio station BFM Business.