*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.
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.
Herald Chen, president and CFO of mobile games technology company AppLovin, spoke to Cheddar about the company's aims after its public debut on the Nasdaq.
After a union battle at an Alabama warehouse, Amazon founder Jeff Bezos said that as executive chairman he will focus on making the company a better place to work.
Uber to consider cannabis delivery if federal legislation legalizes the industry. Cheddar's Chloe Aiello reports.
Enthusiast Gaming CEO Adrian Montgomery joined Cheddar about the esports and video game media company's plan to go public.
Coinbase has made a rousing debut on Wall Street. The digital currency exchange’s stock rose as high as $429, briefly giving it a market value over $100 billion.
CEO and founder of the autonomous vehicle startup Udelv, Daniel Laury, spoke to Cheddar about partnering with Mobileye in order to improve the tech for a rollout of 35,000 driverless delivery vehicles by 2028.
Microsoft, on an accelerated growth push, is buying speech recognition company Nuance in a cash deal worth $16 billion.
Topps, the baseball card and candy company, is putting its latest series of collectible cards on the WAX Blockchain in the form of non-fungible tokens (NFTs) — digital assets that are moving in on the world of physical collectables.
Cheddar senior reporter Michelle Castillo visited the world’s first NFT art gallery Superchief Gallery NFT
