Elon Musk Got $1.7 Billion Richer Today

Elon Musk

Tesla made its biggest gain in five years after Musk reached a settlement with securities regulators that will allow him to stay on as CEO of the electric vehicle maker.

In emails to Tesla staff, Musk said that if the staff could pull through the pressure on Sunday, the company could be close to achieving an "epic victory" on production goals, CNBC reported.

Facing securities fraud charges, Musk agreed to a settlement with the SEC last Saturday that requires him to pay a $20 million fine and step down as company chairman for a period of three years.

Tesla is slated to report third-quarter production and delivery figures early this week. Tesla's showroom in Paramus, New Jersey, was closed by 8 p.m. local time Sunday. Under the settlements, which are contingent on court approvals, Musk will step down as Tesla chairman and will be replaced by an independent chairman.

When the stock exchange reopens on Monday, it will be interesting to see if the eventual agreement will reverse the decline of Tesla's share price.

In 2013, the company stated that it would use Musk's Twitter account as a means of announcing material information, however this has been diluted over the years by tweets of Musk's other firm, The Boring Company and various personal jokes.

Musk defends 'funding secured' tweet as he fights SEC lawsuit
Hanging in the balance is Tesla , the $45 billion emblem of America's future in battery-powered cars. He said: 'This unjustified action by the SEC leaves me deeply saddened and disappointed'.

Evan Niu, CFA owns shares of Tesla.

Tesla and its CEO Elon Musk have agreed to pay a total of $40 million and make a series of concessions to settle a government lawsuit, which alleged Mr. Musk duped investors with misleading statements about a proposed buyout of the company.

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

Musk will purchase $20 million worth of the company's stock in the next trading opportunity, according to a person familiar with his plans.

After filing the lawsuit, SEC officials were anticipating a drawn-out legal battle, but settlement talks started up again late Friday after Musk's attorney Steven Farina sent an email asking to reopen the discussions. At stake was the idea that Elon Musk's intention was merely speculative.

Related:

  • Le'Veon Bell To Report To Steelers Week 7

    Le'Veon Bell To Report To Steelers Week 7

    With Bell so far forfeiting $3.4 million of potential earnings this year and the Steelers skidding, the dispute has gotten ugly. In the coming weeks, they'll play the Atlanta Falcons, Cincinnati Bengals, Cleveland Browns, Ravens and Jacksonville Jaguars.
    Filipinos onboard Air Niugini safe after plane crash landed in Micronesia

    Filipinos onboard Air Niugini safe after plane crash landed in Micronesia

    Residents in small boats rushed to the crash site to save passengers and crew members from the sinking aircraft, an official said. However, Jaynes said the only scenario he can imagine is that it hit the end of the runway and continued into the water.
    Klopp names Chelsea's five most unsafe  players

    Klopp names Chelsea's five most unsafe players

    Sturridge picked up the ball on the left side of the area and bent a superb shot past Chelsea goalkeeper Kepa from 25-yards out. A stunning strike from Daniel Sturridge snatched a 1-1 draw for Liverpool against Chelsea at Stamford Bridge on Saturday.
  • US, Canada, Mexico trade deal, USMCA, NAFTA details: dairy, auto, dispute resolution

    US, Canada, Mexico trade deal, USMCA, NAFTA details: dairy, auto, dispute resolution

    And with that, after almost 14 months of tense negotiations, we now have a newly named regional trade agreement. On Monday, Trump tweeted a congratulatory message to Mexico and Canada.
    White House denies limiting Federal Bureau of Investigation  inquiry : Kavanaugh

    White House denies limiting Federal Bureau of Investigation inquiry : Kavanaugh

    Durbin on Monday called Graham a friend who worked with him on immigration legislation but said "each of us has our moments". He also questioned why investigators needed to examine the 53-year-old Kavanaugh's high school record.
    Tesla shares jump after Musk settles with SEC

    Tesla shares jump after Musk settles with SEC

    The settlement requires that Tesla appoint two new independent directors and establish a committee of independent board members. The complaint alleged that Mr Musk made " false and misleading statements " about plans to take the company private in August.
  • Officials scramble to rescue survivors as toll crosses 800

    Officials scramble to rescue survivors as toll crosses 800

    The Mutiara Sis Al Jufri Airport in Palu was closed for 24 hours after the tsunami but has since reopened to limited flights. He said the European Union and 10 countries have offered assistance, including the United States, Australia and China.
    Tropical Storm Rosa nears Mexico's Baja California coast

    Tropical Storm Rosa nears Mexico's Baja California coast

    A map made by the National Hurricane Center shows the projected path of Tropical Storm Sergio as of 5 a.m. A Tropical Storm warning was in effect for the coast of Baja, Ca., from Punta Abreos to Cabo San Quintin.
    Flu shots made available as the cold season creeps in

    Flu shots made available as the cold season creeps in

    Medicago Inc., a biotechnology company, owns the first plant-based seasonal flu vaccine to reach late-stage clinical trials. It's flu season again and experts recommend everyone six months and older get vaccinated now.
  • Kavanaugh Refuses to Call For FBI Investigation As Senators Grow Emotional

    Kavanaugh Refuses to Call For FBI Investigation As Senators Grow Emotional

    Collins and Murkowski are not on the Judiciary Committee, so they will not participate in the planned vote Friday morning. Like many Americans, employees at the White House were riveted on the testimony of Kavanaugh and Ford throughout the day.
    Embattled Venezuela leader comes to United Nations  summit

    Embattled Venezuela leader comes to United Nations summit

    I bring with me the People's voice; I come here with lot of the Homeland's passion to stand for truth. We have many Venezuelans living in the United States, many of them live in the Doral area of Miami.
    OnePlus 6T coming to India on October 17, alleged launch invite reveals

    OnePlus 6T coming to India on October 17, alleged launch invite reveals

    OnePlus 6T price in India is not known yet, but it will be exclusive to Amazon India as per a teaser on the e-tailer's website. As per the latest leaks, OnePlus 6T is rumoured to have a 6.4-inch AMOLED display, with a screen aspect ratio of 19.5:9.

Comments

Latest news

California Has Enacted the Country's Toughest Law to Protect Net Neutrality
Identifying the internet as a interstate information service, he said only the federal government can set policy for it. They had cheered California's attempt to force the Obama-era rules back into effect through state legislation.

Both iPhone XS and XS Max are facing serious problem with 'charging'
The iPhone X has an Apple A11 Bionic Hexa-core 2.39 GHz CPU paired with 3GB of RAM and either 64GB or 256GB of internal storage. Within the ad were introduced to a world where anything viewed through the iPhones display instantly becomes larger than life.

Former Scripps Research postdoc wins Nobel Prize in medicine
In 1995, Allison was one of two scientists to identify the ligand CTLA-4 as an inhibitory receptor on T-cells. Allison and Tasuku Honjo "for their discovery of cancer therapy by inhibition of negative immune regulation".

Cristiano Ronaldo denies Las Vegas rape claim from 2009
Even her medical reports claim that the patient's rectum was penetrated and that ejaculation had happened in the assailant's hand. In an Instagram "story", Ronaldo said: " They want to promote [themselves] by [using] my name".

Manchester City wont fear Liverpool despite recent history Pep Guardiola
He said: "It is not only goals that are important for a striker". "The pass for Sergio was outstanding". It will be a really tough game, but we know that and we will try to do a good game".

Raj Kapoors wife Krishna Raj passes away
It was during the Christmas brunch when Krishna Raj Kapoor was featured with her family members for the last time. Whether, yesterday, Rishi Kapoor was in the news for going to America for medical treatment for the next 45 days.

Luke Shaw: Manchester United horrendous in West Ham defeat
It's hard to take and we're sorry to the fans for what they saw. "That's not good enough". West Ham United started the season by losing their first four Premier League matches.

Lindsay Lohan Accuses Refugee Family of Trafficking Children in Bizarre Video
After the shocking punch, the video ends with a crying Lohan gasping, "I'm like in shock right now, I'm just like so scared". The video, posted in the early hours of Saturday morning, sees Ms Lohan speaking a mixture of English, Russian and Arabic.

Trump hedges on Kavanaugh as 3rd accuser comes forward
A handful of moderate Republican senators who have not announced whether or not they support Kavanaugh could determine his fate. Unnamed sources told NBC News that Kavanaugh denied the new allegation in a phone call with committee investigators Tuesday.

FBI Reaches Out To Deborah Ramirez In Background Probe Of Kavanaugh Allegations
The FBI, however, can not force interviews in background check investigations, or in criminal investigations for that matter. Ramirez and she has agreed to cooperate with their investigation", Clune said in a tweet .

Donald Trump orders Federal Bureau of Investigation probe into Kavanaugh sexual assault allegations
Kavanaugh, in testimony that alternated between anger and tears, denied ever doing such a thing to Ford or anyone else. But she stressed that experience as an activist does not matter in situations like her confrontation with Flake.

Third woman makes sexual misconduct allegations about Brett Kavanaugh
Kavanaugh and the other three named people: Mark Judge , Patrick Smyth, and Leland Keyser, have all given personal testimony. In the hours before the hearing, Republicans were rocked by the new accusation from a third woman, Julie Swetnick .

The most memorable moments from Christine Blasey Ford's testimony
She wrote that she was incapacitated, perhaps drugged with Quaaludes, and was "unable to fight off the boys raping me". Nancy French, a conservative Christian writer, cried as she watched Ford in a dark room in her home with her dogs.

Google is quietly logging users into Chrome, but it's not all bad
As a result, sharing all the information with Google is only one click away which can happen accidently at any point in time. This essentially means that the in-browser account fetches your Google details on its own, to enable the "Sync" feature.

Adultery decriminalized in India as it makes women ‘chattel’ of husbands
Adultery is not a crime if the cuckolded husband connives or consents to his wife's extra-marital affair. Should women be treated as abettors and not victims for the crime of adultery?

Other news