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Tesla shares jump on Model 3 numbers, Musk settlement

01 October, 2018, 22:54 | Author: Lawrence Cooper
  • Investor's Corner					Tesla community comes together for final end-of-quarter Model 3 delivery push

However, according to the latest reports, the CEO of Tesla, the well-known auto manufacturing company, of course, Elon Musk resigns as chairman of Telsa.

Musk will reportedly buy $20 million worth of Tesla's stock at the next trading opportunity, according to a Bloomberg report, citing a person familiar with the matter.

They also hoped the settlement would cap several months of volatility around Tesla's shares driven by a series of tweets and public pronouncements by Mr Musk.

According to The Washington Post, the SEC had offered similar settlement terms a week prior to the lawsuit that Musk passionately declined, saying the "unjustified action" left him "deeply saddened and disappointed". The SEC eventually sued Musk for securities fraud on Thursday. The funding had not been secured.

Steven Peikin, co-director of the SEC's Enforcement Division said the resolution is meant to prevent further market disruption and harm to Tesla investors.

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Many see the forced changes as being positive for Tesla, partly because the mercurial Musk will now have someone to answer to, and partly because his reduced role may allow the chronically overworked CEO to focus more. And he'll also pay a fine of $20 million, as will Tesla. Andrew Doane, who has a Model S sedan, Model X crossover and Model 3 vehicle and is president of the Tesla Owners Club of the Mid-Atlantic region, mustered club members to pull shifts at delivery hubs in Virginia and Maryland, and worked one himself.

Mr 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.

However, in two emails - one dated September 28 and the other September 30 - Musk exhorted staffers to "ignore the distractions" and that the company was close to "proving naysayers wrong", the CNBC report said.

As part of the settlement, Tesla will appoint an independent chairman, two independent directors, and a board committee to set controls over Musk's communications under the proposed agreement.

While the 15-year-old company has never earned an annual profit, Tesla's CEO has vowed it's the verge of making money and stemming cash burn that's exceeded more than $1 billion in recent quarters.

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