*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.
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The German automaker says it plans six big battery factories in Europe by 2030, starting with building out its existing ones in Salzgitter, German, and in Skelleftea, Sweden.
As a worldwide semiconductor shortage hammers American industries, trade groups are reaching out to the Biden administration with pleas to boost production in the U.S.
The street artist known as Alec Monopoly and Latin music star Ozuna are riding the wave of interest in non-fungible tokens (NFTs) to sell collaborative artwork featuring both of their brands.
Noah Davis, Christie's specialist in post-war and contemporary art, spoke to Cheddar about the stunning auction of a digital-only piece of art for $69.4 million by a relatively new artist called Beeple.
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.
