Jim Cramer explains why a federal judge must remove Musk as CEO, install a watch on the board, or charge the Tesla co-founder for violating a court-approved order.
CNBC's Jim Cramer on Wednesday said he thinks a federal judge should put a"special master" on Tesla's board of directors to make CEO Elon Musk comply with a court-approved deal between him and the Securities and Exchange Commission.
As alternatives, Cramer suggested that U.S. District Judge Alison Nathan of the Southern District of New York either remove the co-founder as chief or send him to prison for violating the agreement. Near the end of February, Musk said in a tweet that"something is broken with SEC oversight." Lawyers for the CEO have accused the SEC for overreach and infringing on Musk's First Amendment rights for seeking to hold him in contempt of court.
Judge Nathan is"boxed in" since fining Musk $20 million and cannot rely on Tesla's board to rein Musk in, Cramer said. The matter stems from an August tweet by Musk that shocked the market saying"funding secured" to take the company private.
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