*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.
Cheddar anchors Kristen Scholer and Hena Doba break down the global chip shortage and how one company in Taiwan, TSMC) controls most of the world's supply.
Cheddar Climate is highlighting the automotive industry and the steps its leaders are taking to reduce carbon emissions.
Jesse Ortega, executive chief engineer, about Chevy's electric SUV offering and its ambitions for expanding its brand in combatting climate change.
Nadine Philipp, head of sustainability at BMW, spoke with Cheddar about the luxury car brand's deal with Emirates Global Aluminum.
Beachbody is hitting the public markets in a three-way deal that values the fitness and nutrition business at $2.9 billion.
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.
Bumble, known for letting female users make the first move, opened on the Nasdaq at $76 per share on Thursday afternoon.
Cheddar explains the Lightbulb Moment when Hedy Lamarr, the international movie star, formulated the basis for the wireless networking tech the world uses today.
Marc Randolph, co-founder and former CEO of Netflix, thinks there's only one other challenger to the streaming pioneer among other services like Disney Plus, Amazon Prime, and more.
Wellness 4 Humanity is testing out COVID-19 related vending machines. Items include tests kits and PPE. Cheddar's Chloe Aiello reports.
