Elon Musk, SEC given one more week to resolve contempt dispute

Elon Musk cedes power over Tesla as his 'old boys network' is cut from its board

Tesla said the decision did not result from any disagreement between the company and the directors.

Tesla plans to cut its board of directors from 11 to seven in a move the auto maker says will allow the board to act more nimbly and efficiently.

The settlement was reached a year ago after Musk tweeted he had secured funding to take Tesla private even though he had not.

Lawyers for Tesla CEO Elon Musk and US securities regulators are getting another week to negotiate a deal to keep Musk from being found in contempt of court.

By Bob Van Voris and Matt RobinsonElon Musk and the U.S. Securities and Exchange Commission will have another week to resolve a legal fight over his tweeting habits after saying they're making progress and need more time. Two early Tesla investors, Stephen Jurvetson and Antonio Gracias, will leave next year if shareholders approve the changes. Tesla plans to cut its board of directors from 11 to seven in a move the auto maker says will allow the board to act more nimbly and efficiently.

Brad Buss, a longtime director, and Linda Johnson Rice will leave at the annual meeting in June.

Easter Sunday bomb blasts kill more than 200 in Sri Lanka
He said he had been to two of the attacked hotels and was at the scene at St Anthony's Shrine and described " horrible scenes ". Hospital officials in Colombo said there were further fatalities in the capital but it is not known how many.

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He followed that up by pressuring the White House Correspondents' Association to take away Ryan's credentials. She claimed to have heard from "countless" former and current Federal Bureau of Investigation agents.

Afghan communications ministry attacked, at least two gunmen killed
Local television footage showed a small plume of smoke near the ministry, and people climbing out the windows on a lower level. Four civilians were killed and at least eight were wounded, according to a statement from the interior ministry.

As of Thursday's close, Tesla stocks were down 19.5percent up to now this year. "It is a very important step towards greater accountability to Tesla's owners, the public shareholders, because it breaks up the old-boys network around Elon Musk". Gracias and Jurvetson are both on the board of the billionaire's closely held SpaceX.

The changes are the latest moves by Tesla in response to criticism that the board has lacked independence from the company's mercurial CEO.

A new filing states that the Tesla board is confident that with three remaining independent members, it is "poised to lead Tesla with fresh perspectives balanced by deep historical knowledge of our company, while maintaining a wealth of diverse experience and expertise". Ellison, co-founder of Oracle, and Wilson-Thompson, global human resources chief at Walgreens Boots Alliance, joined Tesla's board in December.

The board would go from three groups of directors serving staggered three-year terms to two groups filling staggered two-year terms.

Tesla Inc. shares closed Friday at $273.26 after a gain of $2.03.

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