- Tesla has outmaneuvered the SEC by appointing Oracle’s Larry Ellison to its board, says Sonnenfeld.
- He calls Ellison a “clone” of Musk.
- “The SEC has been had on this one,” he says.
Tesla has outmaneuvered the Securities and Exchange Commission by appointing Larry Ellison and Kathleen Wilson-Thompson to its board, management expert Jeffrey Sonnenfeld told CNBC on Friday.
The electric-car company made the appointments on Friday to comply with an SEC settlement.
“The SEC has been had on this one,” said Sonnenfeld, senior associate dean at the Yale School of Management and a CNBC contributor.
Tesla and CEO Elon Musk agreed in September to appoint a new chairman and two independent board members after the SEC accused Musk of misleading investors with a tweet about taking the company private at $420 a share.
Sonnenfeld called Ellison, the co-founder and executive chairman of Oracle, a “clone” of Musk.
“He’s a genius, knows technology, self-made guy and very articulate,” he said on “Closing Bell.”