Volkswagen Prank Ends Up In Troble

A prank by German automaker Volkswagen led to an investigation by the SEC. Reports the New York Times.

The car manufacturer declared its change of name to Voltswagen – a message intended to strengthen their dedication to electric cars. Read a tweet in the days leading up to April Fool’s Day.

“We know 66 is an odd age for changing the name, but we have always been young in our heart,” the Twitter account from Volkswagen wrote in a tweet (now deleted)on 30 March. “Voltswagen introduction. Like Volkswagen, but with a renewed emphasis on electricity. Starting with our all-new, all-electric ID.4 SUV – today.”

Volkswagen Group

Also Read: Buffett’s Moves During Pandemic

“[Volkswagen] might change our K to T, but it won’t change the brand’s commitment to producing the best cars.” Added Scott Keogh, CEO of Volkswagen Group, also tried to laugh.

Although, as the Times reports, even though they are kidding public corporations such as Volkswagen are not permitted to fool their owners. While Volkswagen of America finally accepted that the name was changed to jest, it was sufficient to get the SEC’s attention.

There are also reports in Germany, where Volkswagen is based, that regulations mandate firms to be fair to their shareholders. However, a spokesman for the national regulator of the stock exchange told Times that no proposals were made to probe the change of name.

The newspaper states that even though the SEC finds that it broke the rule, the automaker is not expected to play a major punishment. The price of Volkswagen’s shares reportedly remained unaffected in the days after the hoax and leaped after the admission by the firm of a name change being a joke.

Also Read: The Responsibility Of Your Life

The Entrepreneurs Diaries is now available on Telegram. Join our telegram channel to get instant updates from TED.



Related articles

How Artificial Intelligence is Changing the Workplace

The many challenges of talent management in keeping employees engaged are helping to define the future of work.

How to Help Your Children Develop Entrepreneurial Skills

Entrepreneurs are born or bred. It was probably more nature than nurture for me. I wasn't raised in an entrepreneurial environment.

What Is a Comfortable Retirement Lifestyle?

Americans estimate that they will require $1.1 million to retire comfortably. Unfortunately, only about one in every four people

How To Create An Employee-Centric Culture

Employee-centric cultures benefit organisations in various ways, from increased productivity and retention to better customer service.

Ways To Keep Your Employees Healthy Throughout The Year

Employees are a company's lifeblood. Therefore, businesses can thrive when they are healthy. When employees become ill, however
adana eskort - eskişehir eskort - mersin eskort