*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.
Catching you up on what you need to know on April 26, 2022, with Elon Musk’s purchase of Twitter for $44 billion, Russia warning of a possible threat of World War III, the FDA approving a COVID treatment for children under 12, and more.
The annual Edison Awards dive into the latest in the world of technology and innovation. Each year at the ceremony, the Edison Lifetime achievement is awarded to select individuals who have made a difference in the space. Cheddar News sat down with the 2022 honoree, Carmichael Roberts, co-founder and managing partner at Material Impact, to discuss.
In February 2022, over 65 congressional members sent a letter to Secretary Buttigieg and the Department of Transportation urging the agency to update certain safety standards when it comes to crash testing. So, what exactly are advocates calling for and why do they say our crash tests need a major update?
Amid a spate of Big Tech earnings reports on the horizon, social media giant Twitter accepted Elon Musk’s $44 billion offer to buy the platform. Musk has already signaled his intention to take the company private, and Angelo Zino, a senior equity analyst for CFRA, joined Cheddar News to talk about tech-related business news and what taking Twitter private could mean for the company. "His kind of vision is clearly on softening his stance on content moderation. You're going to see him do it, and we'll kind of see what else he has in store in terms of the pipeline of enhancing the product out there," Zino said about Musk's plans. "But there's a lot more he can do as a private company than he can do as a public company."
UPSIDE foods, a company that makes cultivated meat products, recently raised $400 million in a Series C round.
UPSIDE says it's developing a way to grow real meat, poultry, and seafood, without the need to raise animals for human consumption. It's a process that gets the attention of some big-name backers, including Bill Gates and Richard Branson. Dr. Uma Valeti, Founder and CEO of UPSIDE Foods, joins Cheddar News' Closing Bell to discuss.
