Elon Musk Settles With SEC, Quits As Tesla Chairman

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

The stock price of electric carmaker Tesla has soared after founder Elon Musk settled fraud charges with the U.S. Securities and Exchange Commission.

In a September 30 email filed with the U.S. Securities and Exchange Commission on Monday, Tesla CEO Elon Musk said the electric auto maker is nearing profitability.

Musk said August 7 in a company blog post that he was considering taking Tesla private at $420 per share, representing a 20% premium over the stock price following the company's second-quarter earnings release.

A fine of $20m and the loss of chairman seat later, Musk remains Tesla's CEO after agreeing on a deal with United States regulators.

The settlement also requires Tesla appointing two new independent directors, and Tesla setting up a "new committee of independent directors and put in place additional controls and procedures to oversee Musk's communications".

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They made a joint statement late Sunday night, in which they have named it USMCA (United States-Mexico-Canada Agreement). In August previous year , he started a review of the trade pact with Mexico and Canada that opened up negotiations.

The $40 million of penalties paid by Musk and Tesla will be distributed to investors harmed by Musk's tweet.

Musk has gained legions of fans for his bold approach to business and technology, using his Twitter account to promote Tesla, his rocket company SpaceX and the tunnel venture Boring Co.

In two emails obtained by CNBC, Musk told staff that Tesla is close to achieving an "epic victory" on its production goals and turning a profit after years of burning through cash.

Electrek, a website focusing on the electric-vehicle industry and particularly on Tesla's offerings, quoted an unnamed source as saying production levels reached an unprecedented level of roughly 80,000 for the third quarter.

Former US Vice President Al Gore could be a good fit to replace Elon Musk as chairman, according to one longtime tech analyst.

Hazard goal takes Chelsea through at Liverpool’s expense
But Alexandre Lacazette's 90th minute goal ensured Unai Emery's side held on for their sixth successive win in all competitions. Two Chelsea players were standing in offside positions when the free kick came in but neither interfered with play.

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".

Tesla shares briefly rose at the opening bell before falling about 1 percent, to $307.82.

In fact, the biggest impact will be the new chairperson of Tesla. An equity settlement could end up diluting Musk's roughly 19 percent stake in Tesla, further reducing his influence on the board.

Numerous reports suggested Musk and Tesla had declined to settle the case when the SEC initially brought the charges, and there have been no comment from either on the deal at time of writing.

"Our focus remains on the continued ramp of Model 3 production and delivering for our customers, shareholders and employees".

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