*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.
High-speed connectivity solutions provider Credo went public on the Nasdaq on Thursday, raising $200 million in its IPO. CEO Bill Brennan, joined Cheddar to discuss its entry into the capital markets and the next chapter for the company. "We're going to be focused on what we have been focused on, which is really creating, creating innovative connectivity solutions that really pushed the edge on efficient power as well as very effective cost," he said.
BD Veritor is a variation of the at-home COVID test that uses a smartphone to interpret the results. The test is taken via a nose swab test strip that is then scanned by your phone’s camera with the result clearly displayed as positive or negative. James Walker, vice president of integrated diagnostics USA for BD, joined Cheddar to discuss how the test hopefully takes the "guesswork out of testing." Walker also went into what BD is doing to deal with the surging demand for at-home tests amid the omicron spread. "While we don't disclose how much we produce, we have capacity to manufacture up to 12 million rapid antigen tests per month and are delivering on our commitments to distributors and retailers," he said.
Low-code app development platform Crowdbotics raised $22 million in a Series A funding round led by Jackson Square Ventures. Crowdbotics has helped more than 14,000 customers launch apps without having to learn how to code. The company can offer a team of expert developers to help companies launch custom apps, or provide the means for companies to develop apps themselves. Crowdbotics CEO Anand Kulkarni joined Cheddar News' Closing Bell to discuss.
Nathan Harding, CEO of Luum, joins Cheddar Innovates to discuss the process of having a robot put on eyelash extensions, and how automation is making its way into the beauty industry
Kevin Yu, Founder and CEO of Sidechef, joins Cheddar Innovates to discuss how it's building a platform to make recipe shopping easy, and how its features help you discover new recipes with the same ingredients to fight the massive problem of food waste.
On this episode of Cheddar Innovates: Sidechef CEO breaks down how it's building a platform to make recipe shopping easy; Luum CEO explains the process of having a robot put on eyelash extensions; A look at Curiosity Stream's new original series, 'Evolve.'
