*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.
Meta has taken down thousands of fake accounts after Russian-backed hackers broke into Facebook accounts of Ukrainian military officials and posted videos calling on the Ukrainian army to surrender. Robert Kolasky, senior vice president for critical infrastructure at Exiger, joins Cheddar News to discuss.
McLaren displayed its all-electric, off-roading racing vehicle, the Odyssey, in from of the New York Stock Exchange on Tuesday. Zak Brown, CEO of McLaren Racing, joined Cheddar News to discuss bringing the heavy-duty vehicle to a new racing series with an emphasis on sustainability — and even gender equity with a male and female team of two drivers required. "This is McLaren's first-ever Odyssey, which is an EV. Looks like an SUV — but not really much of an SUV — that we raced five times around the world in various locations where climate has impacted the world," he said.
According to Mark Zuckerberg, a select number of creators in Meta's Horizon Worlds will now have the option to sell virtual assets and experiences they create to other players for a profit.
Catching you up with what you need to know on Apr 12, 2022, with Russia concentrating forces in eastern Ukraine, rising inflation, severe weather from Minnesota to the Gulf Coast, Philadelphia brings back its indoor mask mandate, PG&E pays $55 million for wildfire settlement, and more
