*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.
China is banning children from playing online games for more than three hours a week, the harshest restriction so far on the game industry as Chinese regulators continue cracking down on the technology sector.
A SpaceX shipment of ants, avocados, and a human-sized robotic arm is on its way to the International Space Station.
Rory Harvey, global head of Cadillac, joined Cheddar to discuss the automaker entering the luxury electric SUV market with its 2023 Lyriq,
Crypto-enthusiasts are taking to social media to urge regular Afghans to adopt bitcoin in the face of considerable economic uncertainty.
Cryptograph is auctioning NFTs of NBA legend Kobe Bryant in early career photos that had never before been made public.
General Motors is recalling all Chevrolet Bolt electric vehicles sold worldwide to fix a battery problem that could cause fires.
The Taliban's return to power in Afghanistan as the U.S. withdraws is presenting new issues and challenges for social media platforms like Facebook and YouTube.
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.
Facebook is trying to pull in workplace users with a new virtual-reality app called Horizon Workrooms.
The names, Social Security numbers and information from driver’s licenses or other identification of just over 40 million people who applied for T-Mobile credit were exposed in a recent data breach, the company said Wednesday.
