*By Carlo Versano*
Shares of Tesla jumped more than 15 percent in the pre-market Monday on news that CEO Elon Musk settled a lawsuit with the SEC over Musk's social media use.
Under the terms of the settlement, Musk will step down as chairman of Tesla ($TSLA) for at least three years but can remain in the chief executive role. He and the company must each pay $20 million in fines. Two independent board members will also be appointed.
Federal regulators sued Musk last week, arguing that his infamous Aug. 7 "funding secured" tweet amounted to securities fraud. The lawsuit was filed after Musk reportedly scuttled a last-minute deal with the agency under which he would resign as chairman and pay a fine but not admit to any wrongdoing. Talks restarted soon after, and by Saturday a new settlement was in place.
The settlement takes care of one major headache for investors, who will now look to the car maker's third-quarter production and delivery numbers, which may be reported as early as Monday. Musk [reportedly] (https://www.cnbc.com/2018/09/30/elon-musk-tells-tesla-to-ignore-distractions-hints-at-profitability.html) emailed employees over the weekend, telling them to "ignore all distractions" and that the company was approaching profitability.
On this episode of Cheddar Innovates: Vision Marine Technologies CEO discusses how e-boats will play a role in the fight against the climate crisis; Lasso CEO breaks down how the design behind these compression socks can prevent injuries and improve performance; Cheddar gets a look at Curiosity Stream's 'The Tombs Of Egypt.'
Catriona Campbell, CTIO, UK and Ireland, EY, joins Cheddar News to discuss how business leaders can bridge the gap between their technology investments and their aspirations, and breaks down the human aspects of A.I.
Bamboo-based toilet paper company Cloud Paper raised $5 million in a recent funding round. Its product is a bamboo-based alternative to traditional toilet paper made from trees, and its mission is to end the deforestation caused by traditional paper products. Cloud Paper says the raise will allow it to make significant investments in its supply chain, product development, and hiring. Ryan Fritsch, a co-founder of Cloud Paper, joined Cheddar News' Closing Bell to discuss.
The Biden Administration has now issued new guidelines when it comes to carbon capture. The new guidelines handed down this week encouraged the widespread use of climate attacks that traps and stores carbon emissions. The goal here is the process would help keep carbon out of the atmosphere without requiring a whole lot of change by big companies and manufacturing plants. Several scientists say that this method would be crucial to help us decrease the use of carbon emissions by the year 2050. Professor of Civil and Environmental Engineering at Stanford University, Mark Jacobson, joined Cheddar to discuss more.
