*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.

Share:
More In Technology
Lawmakers Push Meta On Paid Ads Pushing Russian Misinformation
Six House lawmakers are calling on Meta to stop paid ads from Chinese news companies that push Russian misinformation regarding the war in Ukraine. ​​Matt Skibinski, General Manager, NewsGuard Technologies joins Cheddar to discuss the role of social media in this war.
Twitter Global Partnerships Level Up
You may have noticed more social media giants experimenting with community-building live audio platforms. Twitter's newest product 'spaces' allows for a deeper human connection than the 280 characters users are restrained to in a tweet. Senior reporter Michelle Castillo, caught up with TJ Adeshola, the head of partnerships at Twitter, to discuss.
Load More