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Tesla shares jump as SEC settlement leaves Musk in CEO role

01 October, 2018, 18:10 | Author: Lawrence Cooper
  • Elon Musk to Resign as Chair of Tesla Board but Remain CEO

Musk, whose tweets on August 7 on a plan to take Tesla private that was later abandoned, has tweeted only once since the settlement was announced - posting a music video by rap group Naughty by Nature.

Mr Musk and Tesla Inc have also agreed to pay $20m each to financial regulators.

Even after the stock's slide from last year's peak, Tesla is valued at $45.2 billion in the stock market. NY time, clawing back Friday's 14 percent plunge.

The company is expected to release quarterly production numbers this week for the Model 3, seen by analysts as crucial to the carmaker's drive to achieve long-term profitability.

Short sellers, meanwhile, have targeted the company, saying it needs to raise billions of dollars more in financing, has woeful quality control and is run by an erratic CEO.

In the Chicago suburb of Highland Park, more than 75 people crammed into Tesla's service center and another 50 or so waited outside. In the Los Angeles community of Marina del Rey, a steady stream of customers arrived while tractor trailers pulled in to unload vehicles that had been stored in Burbank.

It wasn't immediately clear how many outlets across the US were doing record volume.

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Besides the settlement news, Tesla (TSLA) has another milestone this week.

Others were so busy that volunteers showed up to help staff out.

The auto company has been aiming to hit a production target of between 50,000 and 55,000 vehicles per week, according to the company's own estimates. And during a Reddit AMA the same year, he said "in Musk I trust" when asked if Telsa will make it as a vehicle company.

"The resolution is meant to prevent further market disruption and harm to Tesla's shareholders", SEC co-director of enforcement Steven Peikin said.

But several experienced litigators said on Monday that, while the DOJ probe is separate, the SEC's settlement could mark the end of official action against Tesla and Musk. The electric car-making company must also appoint two new independent directors to its board, establish a new committee of independent directors and implement additional oversight of Musk's future communications.

Elon Musk told Tesla employees that the company was on the cusp of making money, hours after he and the carmaker reached a settlement with the United States that steps up oversight of the chief executive officer's communications of material information.

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