Tesla stock soars as Musk taunts the SEC with a tweet

Elon Musk to give up role of Tesla chairman

Investors in electric auto maker Tesla were buoyed by news that Elon Musk will have to step down as chairman of the firm. The agency also required that the company pay US$20 million in penalties to settle separate claims related to Musk's use of social media.

The US Securities and Exchange Commission said on Saturday that car-maker Tesla and Chief Executive Elon Musk had agreed to pay $20 million each under a settlement that will also see the billionaire step down as chairman after a tumultuous two months for the company.

The stock gained 16% on Aug. 2 after Musk apologized following Tesla's second-quarter earnings, and another 11% after his infamous going-private tweet Aug. 7, but dropped 8.9% on Aug. 17 following Musk's interview with the New York Times. Monday's gains erased Friday's 14 percent plunge after the SEC filed its lawsuit late on Thursday.

Analysts expect Wall Street will now be able to focus more on third quarter production numbers for the company's Model 3 sedan this week.

Lil Wayne - "Tha Carter V" [ALBUM STREAM]
C5, released via Young Money/Universal Records, is the first album in Wayne's career that doesn't include the Cash Money logo. He has decided that his birthday, September 27, is the best moment to do this and he announced the plan to his fans.

Brett Kavanaugh accuser Deborah Ramirez contacted by FBI- lawyer
President Donald Trump ordered the additional FBI investigation Friday at the request of the Senate Judiciary Committee . Rather, it was a specific sound she heard from Kavanaugh and the other boy she says was in the room, Mark Judge .

Britain's Labour Party Sees Brexit Standstill As An Opportunity
The Labour leader will travel to Brussels with shadow Brexit secretary Sir Keir Starmer with the message that no-deal is not acceptable.

The regulator stated it was charging Musk and Tesla with fraud based on "a series of false and misleading tweets about a potential transaction to take Tesla private", given that the CEO allegedly "knew that the potential transaction was uncertain and subject to numerous contingencies". Later in the weekend, he added that "we are very close to achieving profitability and proving the naysayers wrong, but to be certain, we must execute really well" on Sunday.

It ends a case that began in August, shortly after the publications made by Elon Musk and that ended up not having any progress, and the company maintained its position in the stock market.

As part of the settlement, the company will appoint a new independent chairman, two independent directors and control Musk's communications.

According to analysts, the settlement is probably the best thing for both the SEC and Musk and Tesla, because the SEC is showing it can act to enforce change in protecting shareholders, while Musk-removed as chairman-will keep its CEO role at Tesla: a role analysts and Tesla believers see as crucial for the company. Tesla has never reported a net profit and has been burning through cash since it was created in 2003.

Related news:

Hot News

isis-killer-beheading-video-story-top Sen. Lindsey Graham got really, really mad at the Kavanaugh hearing
Oct 01, 2018 - 22:12
She has been victimized by Democrats...on a search-and-destroy mission for Brett Kavanaugh ", Cotton said, according to Politico. Kavanaugh on Thursday again forcefully denied the allegations and called his confirmation process a "national disgrace".

isis-killer-beheading-video-story-top James Allison, Tasuku Honjo win Nobel for CTLA-4/PD-1 discoveries
Oct 01, 2018 - 20:00
Their work centers on harnessing the immune system to arrest the development of cancer. "He didn't suffer fools easily". The first of this year's Nobel Prizes, in medicine , was awarded Monday to cancer researchers James P.

isis-killer-beheading-video-story-top New Tesla chairman must rein in CEO Elon Musk at key moment
Oct 01, 2018 - 19:43
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.

isis-killer-beheading-video-story-top US, Mexico, Canada agree on free trade pact to replace NAFTA
Oct 01, 2018 - 12:58
The trade imbalance would change, Trump said in June during a press conference at the Group of Seven (G7) summit in Canada. Tariffs: Canada received some assurances that any future tariffs on imported cars and auto parts will not hit the country.

Kanye West Announces Change Of Name
Sep 30, 2018 - 20:42
West - a vocal supporter of the president - was the musical guest for the iconic sketch comedy show's 44th season premiere. This follows a trend that began with Kanye West's series of 7-song collaboration albums released earlier this year.

isis-killer-beheading-video-story-top Global Power Politics Affect Afghanistan, Pakistan: Qureshi
Sep 30, 2018 - 20:34
But soon after, Pakistan sponsored terrorists attacked our Air Force base in Pathankot on 2nd January (2016). Ms Swaraj had lashed out at Pakistan for "harbouring terrorists" and "masking malevolence with duplicity".

isis-killer-beheading-video-story-top Wozniacki stunned in Wuhan; Barty time after Kerber upset
Sep 30, 2018 - 19:27
Tomic, who had his ranking bottom out at No.243 in May, saved a match point on Wednesday against South African Lloyd Harris in a 7-6 2-6 7-6 win.

isis-killer-beheading-video-story-top US, Mexico ready to sign new NAFTA without Canada
Sep 30, 2018 - 19:11
TV footage shows Trudeau and Trump shook hands briefly during a luncheon for world leaders at the United Nations headquarters. For all that, "Canada would like to be in the agreement", he added, assuring that it was also the wish of Washington.

isis-killer-beheading-video-story-top Daniel Sturridge Curling Equaliser Against Chelsea Has Twitter In Disbelief
Sep 30, 2018 - 14:12
Just days after their Carabao Cup encounter, Chelsea and Liverpool will once again do battle in the Premier League this evening.

isis-killer-beheading-video-story-top Fantastic Beasts 2 trailer
Sep 28, 2018 - 19:12
In the new trailer, we finally see a bit of the magical creature's origin story - including the fact that she was once a witch. Rowling also stated in one of her tweets that Nagini is not an Animagus , but a Maledictus .

isis-killer-beheading-video-story-top Body is believed to be of missing North Carolina boy with autism
Sep 28, 2018 - 18:49
On Wednesday, Ian Ritch , the Maddox' father, took questions from reporters at the Greater Gaston Baptist Association in Gastonia. Authorities are searching for a 6-year-old boy with autism, who is described as nonverbal and has been missing since Saturday.

isis-killer-beheading-video-story-top 49ers offered Eric Reid one-year deal before Panthers signing
Sep 28, 2018 - 18:28
When Reid signed with the Panthers , the team's Twitter account posted a photo of Reid sitting with a fist up over his contract. Panthers General Manager Marty Hurney told ESPN brought on Reid as "a football decision", and not because of Reid's grievance.

Nafta: Donald Trump says U.S. 'not getting along' with Canada
Sep 27, 2018 - 21:22
It's the first time in his presidency Trump has clearly voiced support for creating separate Israeli and Palestinian nations. The Trump administration could face barriers in Congress if it tries to advance a deal without Canada.

isis-killer-beheading-video-story-top Arsenal boss Emery happy with 2-goal Welbeck: Contract talks?
Sep 27, 2018 - 20:45
After heading the Gunners in front after four minutes, Welbeck rounded off a fine team move for the second before the interval. Former Chelsea FC striker Cascarino is impressed with the Arsenal manager's efforts to play the two strikers in his team.

isis-killer-beheading-video-story-top Mark Hughes says managers need to understand players amid Paul Pogba fall-out
Sep 27, 2018 - 20:23
Pogba has questioned Mourinho's tactics in public and the Manchester United boss has stripped the midfielder of his vice-captaincy of the squad.