*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.
Topps unveiled an expansion of its Godzilla NFT collections while New York Comic Con held a panel on the crypto collectibles showing the surging interest in the space.
From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
Google is cracking down on digital ads promoting false climate change claims or being used to make money from such content, hoping to limit revenue for climate change deniers and stop the spread of misinformation on its platforms.
With the Biden administration reportedly looking into regulating stablecoins like Tether and Circle, just what might those rules look like going forward?
General Motors plans to cash in as the world switches from combustion engines to battery power, promising to double its annual revenue by 2030.
A former Facebook data scientist has told Congress that the social network giant’s products harm children and fuel polarization in the U.S. while its executives refuse to change because they elevate profits over safety.
A Russian actor and a film director have rocketed into space to make the world’s first movie in orbit.
Facebook and its Instagram and WhatsApp platforms have suffered a worldwide outage.
Tesla says it delivered 241,300 electric vehicles in the third quarter even as it wrestled with a global shortage of computer chips that has hit the entire auto industry.
From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
