*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.
As U.S. cities and airlines are weighing COVID-19 protocols like mask and vaccine mandates, Canada continues to ban travelers who are not fully vaccinated -- including professional athletes. The MLB season is now underway, and the Toronto Raptors have advanced to the NBA playoffs, so several athletes are expected to not participate in upcoming games in Canada. Gabe Lacques, MLB reporters and Baseball Editor for USA Today Sports, joins Cheddar News' Closing Bell to dsicuss.
Bence Jendruszak, COO and Co-Founder of SEON, joined Cheddar News' Closing Bell, where he says his platform sees more victims of online fraud during economic downturns, but explains why his company's solution can stop that trend.
Andrew Miller, Chief Operating Officer at Benchmark Mineral Intelligence, joined Closing Bell to discuss the warning from Rivian's CEO about a possible EV battery shortage due to lack of access to key metals like lithium.
Fathom Digital Manufacturing, one of the largest on-demand digital manufacturing platforms in North America, went public late last year and serves the product development and manufacturing needs of companies such as Google, Amazon, Tesla, Johnson & Johnson, and more. CEO Ryan Martin joined Cheddar's Opening Bell to discuss what the IPO means to the company and how he thinks digital manufacturing can help mitigate supply chain issues seen throughout the pandemic. "We can take parts that would take 4-6 weeks condense that down into just days using additive manufacturing in many cases. And so it's all about speed," he said.
