Elon Musk resigns, pays $20m fine in settlement with SEC

SEC Lawsuit Against Musk Wiped $7.3 Billion From Tesla’s Market Value

In case you haven't been paying attention to the news, Tesla's sort of going through a rough patch at the moment: The electric auto manufacturer's founder, Elon Musk, now has the US Securities and Exchange Commission breathing down his neck, and it's safe to say that the company's seen better days. Likewise, Tesla will pay another $20 million due to its failure to check whether Musk's announcements complied with the law.

Elon Musk will give up the role of Tesla Inc. chairman and pay a $20 million penalty to settle fraud charges brought by the United States over his claims about taking the company private.

The SEC's lawsuit had sought to bar Musk from serving as an officer or director of a public company, a prospect that rattled investors.

Tesla stock roars back after Elon's SEC deal
Tesla saw its stock price plunging after the SEC filed a lawsuit against Elon Musk over his now infamous "funding secured" tweet . Tesla is due to appoint two new independent directors, with the board expected to oversee Musk's communications with investors.

The agreement with the US Securities and Exchange Commission will come as a relief to investors, who had feared a lengthy legal fight.

Automotive news website Electrek reported after the opening bell that Tesla had produced 53 000 of its Model 3 sedans in the third quarter, citing a source familiar with the matter.

In any case, the $40 million, which will be distributed to harmed shareholders after a court-approved process, are but a very small fraction of the more than $7 billion lost due to the whole debacle.

British opposition leader Corbyn to meet EU on Brexit
The divisions cut across party loyalties, with Labour's traditional leftwing working-class constituencies voting largely to leave. Labour could play a decisive role in whether any Brexit deal is approved by parliament.

But the claim on August 7 that he had the funding to take Tesla private, and a subsequent U-turn, stunned Wall Street and came amid public appearances which saw Musk smoke marijuana live on air and call a British diver in the Thai cave rescue a "pedo".

Musk is now required to step down as chairman of Tesla within 45 days, and he is not permitted to be re-elected to the post for three years.

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. But it quickly became clear that Musk's funding commitment-supposedly from Saudi Arabia's sovereign wealth fund-was informal at best.

1,876 days later, Tiger Woods wins again, Latest Golf News
Woods isn't just chasing Nicklaus, but he's also two PGA wins away from tying Sam Snead's all-time record of 82 PGA Tour wins. NBC says overnight TV rating for Tiger Woods' first PGA Tour win in five years WAS UP 206% FROM LAST YEAR'S FINAL ROUND.

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.

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