Tesla is 'very close' to profitability, Musk says in staff email

SEC has also charged Tesla for failing to have the required disclosure control and procedures over Musk's tweets.

Instead, under a settlement announced at the weekend, Tesla and Musk will pay $20 million each to the regulator and Musk will step down as chairman but stay as CEO, keeping one of America's best-known corporate figures in place. As part of the settlement, Tesla will name two new, independent directors to its board. This sees the CEO and Tesla each paying a $20 million fine, while Musk will be replaced by an independent Chairman, unable to put himself up for re-election for a minimum of three years.

The news of Tesla CEO Elon Musk settling with US financial regulators sent the company's stock soaring Monday morning.

You see, even with offerings like the Toyota Prius and Nissan Leaf, the idea of a market-friendly electric vehicle that's both stylish and fun-to-drive has never been more mainstream than it has with Musk and Tesla leading the charge.

On August 7, Musk told his 22 million Twitter followers that he might take Tesla private at $420 per share, with "funding secured".

Tesla in recent years has become one of the most valuable American vehicle maker, with its stock worth more than $50 billion.

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The tweets had no basis in fact, and the ensuring market chaos hurt investors, the SEC said. He said his outlook for shares is now more positive than it was before the downgrade.

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In order to avoid similar inconvenience in the future, the company will also hire a lawyer that will not only monitor the communication of Musk but also oversee his tweets. Musk tweeted only once since the settlement was announced - posting a music video by rap group Naughty by Nature.

After rattling investors via a series of tweets regarding the privatization of Tesla, the embattled CEO has agreed to step down from his position as chairman of the company. An equity settlement could end up diluting Musk's roughly 19 percent stake in Tesla, further reducing his influence on the board.

Tesla is expected to release third-quarter production this week, and investors are watching to see if it hit targets for the Model 3, a high-volume vehicle.

This comes as a repercussion to the government lawsuit against Musk, alleging that he has deceived investors by using misleading statements about a proposed buyout of Tesla.

The company said on Tuesday it missed its production target of 6,000 Model 3s by 700 cars in the final week of September and outlined hurdles it faced due to the worsening of President Donald Trump's trade war with China.