*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.
The electric vehicle space is about to see a whole new shift in its market particularly in Taxi Industry. Ride-Hailing apps like Uber and Lyft though could be left behind from this era since they cannot force their drivers to drive specific cars. Executive Analyst from ISeeCars.Com, joined Cheddar to discuss more.
a.k.a Brands, an accelerator for next-gen, direct-to-consumer fashion brands like Princess Polly, released its first earnings report as a publicly-traded company with strong results. CEO Jill Ramsey joined Cheddar's "Opening Bell" to discuss the company's recent quarter and how the company has grown since its IPO in September.
Rivian is set to makes its market debut as the biggest IPO since Facebook in 2021. The EV maker priced its stock above the expected range at $78 apiece, allowing it to raise a whopping $11.9 billion. Matt Toole, director of deals intelligence at Refinitiv, joined Cheddar to discuss Rivian's highly anticipated IPO and how it's sending the already booming IPO market even higher.
A judge shot down a request by Apple to hold off on changes to payment options in the app store that would allow companies like Epic Games to use external payment systems. Apple had sought a stay that could delay making changes for years but the judge ordered them to implement fixes by December. The tech giant plans to appeal.
Twitter has officially launched its paid subscription service, Twitter Blue, which provides subscribers with a number of new features, including the option to edit tweets, post 10-minute videos, and view ad-free news articles.
Wood modification technology company Kebony recently raised $34 million in its latest funding round. The company's patented technology transformed sustainable softwood using leftover materials and makes it into a product that behaves like premium hardwood. The process has the potential to transform the global construction industry, as it is cost-effective and eco-friendly. Kebony CEO Norman Willemsen joined Cheddar News' Closing Bell to discuss.
