Tesla shares jump after Musk settles with SEC

Article Image Elon Musk Resigns as Chairman Order to Pay $20 Million Fine

Under the terms of the settlement, Musk and Tesla neither admit nor deny the SEC's allegations.

Musk allegedly tweeted "considering taking Tesla private at $420".

However, Musk will remain as CEO of the company under the agreement made by the SEC.

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. Tesla has already agreed to the settlement and the company will also be required to appoint two new independent directors to its board and hire a lawyer to monitor Musk's communications, including his tweets. But Musk has pledged to post profits in future quarters.

The move brings a conclusion to the SEC fraud charges over his infamous "funding secured" tweet. Those trade tensions have resulted in an import tariff rate of 40% on Tesla vehicles versus 15% for other imported cars in China.

Two days later, Elon Musk and SEC reached a settlement that will leave a 20 million dent on the Billionaire's pockets.

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The stock's somewhat muted reaction may be a reminder of the position in which Tesla now sits-just past a trying period in which CEO Elon Musk agreed to step aside as chairman to settle an SEC lawsuit, and ahead of its third quarter financial results.

Musk warned a month ago Tesla was facing delivery bottlenecks and the record 83,500 cars topped Wall Street forecasts and included delivery of 55,840 Model 3 sedans seen as crucial to the company's drive to become profitable.

They say they have their doubts about how candid Elon Musk is being when he discusses Tesla's sales.

So they sued him, dropping the company's stock by 14% (that's more than $7B in shareholder value) - Musk himself reportedly lost $1.6B in a single day. Since starting the production of the electric sedan previous year, the Model 3 ramp has been beset by multiple challenges, including bottlenecks in both the Fremont factory and Gigafactory 1. The complaint "alleges that Musk violated antifraud provisions of the federal securities laws, and seeks a permanent injunction, disgorgement, civil penalties, and a bar prohibiting Musk from serving as an officer or director of a public company", the SEC said on Thursday when it filed the complaint at court.

Gore, also a well-known environmental activist who starred in the award-winning climate change documentary "An Inconvenient Truth", would indeed be seemingly aligned with Musk and Tesla's mission to put more electric cars on the road.

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