*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.
While the secondary market for NFTs isn't likely to garner the same headlines as multi-million dollar deals, experts agree the future of the crypto art market depends on more than one-off, high-profile purchases.
Twitter CEO Jack Dorsey sold his first tweet for more than $2.9 million. The tweet from 2006, which says “just setting up my twttr,” was bought by Bridge Oracle CEO Sina Estavi.
David Kaval, president of the Oakland Athletics, talked to Cheddar about accepting bitcoin as payment for suites during baseball games at RingCentral Coliseum.
The Volkswagen ID.4 electric SUV is currently manufactured in Germany and China but will begin U.S. production in 2022.
Learn to master the principles of project management with these 10 courses.
Werner Vogels, Amazon’s chief technical officer, spoke to Cheddar about the 15 years of impact AWS has had on cloud computing and the world.
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.
Maxine Williams, chief diversity officer at Facebook, spoke to Cheddar from the all-virtual SXSW to discuss Facebook's progress on improving diversity and inclusion within the social media giant.
NASA has completed an engine test firing of its moon rocket, after the first attempt in January ended prematurely.
Work towards getting your page or website ranking on the first page of Google.
