New Tesla chairman must rein in CEO Elon Musk at key moment

A Tesla charging station

According to the existing information, Elon Musk has 5 days to leave the post.

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 U.S. that steps up oversight of the chief executive officer's communications of material information.

Shares of Tesla Inc jumped almost 15 percent on Monday after Chief Executive Elon Musk settled a lawsuit from the US Securities and Exchange Commission (SEC) that sought to remove him from company management.

They also hoped the row would cap several months of volatility around Tesla's shares driven in part by a series of rows over Musk's tweets and public pronouncements. Despite Friday's plunge, though, Musk seemed to be in light spirits on Friday, expressing his gratitude to the Tesla community and even posting a "Don't Panic" message on Twitter.

Tesla and Mr Musk will pay $20 million each to financial regulators. But it quickly became clear that Musk's funding commitment-supposedly from Saudi Arabia's sovereign wealth fund-was informal at best.

Tesla analyst Garrett Nelson of CFRA Research upped his rating on the stock Monday morning to Hold, after downgrading it on Friday to Sell. He said his outlook for shares is now more positive than it was before the downgrade.

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Two new independent directors will be appointed to the board and a new committee of independent directors will be expected to put in place additional controls and procedures to oversee Musk's communications.

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. Musk won't be eligible to be re-elected as chairman for three years.

"When companies and corporate insiders make statements, they must act responsibly", SEC Chairman Jay Clayton said. The tweets had no basis in fact, and the ensuring market chaos hurt investors, the SEC said.

The row began in August when Musk (47) tweeted that he was considering taking Tesla private at $420 a share and had secured funding.

Curiously, and as one of the parties to the deal, Elon Musk has accepted that he can never admit or deny that he has committed fraud, which in practice means he can never publicly state that he has done nothing wrong.

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