*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.
JPMorgan Chase celebrates black culture and our communities every day as we continue to celebrate Black History Month. Cheddar News is highlighting prominent Black Americans who are carving their own historic paths and trailblazing in their industries. Today we turn our focus to one leader helping shift the culture of amateur sports across the U.S through esports. CEO and Founder of PlayVS, Delane parnell, joined Cheddar to discuss more.
Oliver Gale, CEO and Co-founder of Panther Protocol, explains why the crypto industry is seeing a new wave of enthusiasm from Ukraine and discusses if any crypto-related sanctions can be placed on Russia due to the ongoing invasion.
Worker-first platform WorkWhile has raised $13 million dollars in a Series A round led by Reach Capital. WorkWhile says it connects the right workers to the right shifts. Hourly workers can use the company's platform to choose when, where and how they want to work. WorkWhile also says it hopes to help companies address the current labor shortage in the U.S. Jarah Euston, CEO and founder of WorkWhile, joins Cheddar News' Closing Bell to discuss.
