*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.
Cheddar's Michelle Castillo digs into how people are making entrepreneurship fit into their lives in the age of coronavirus.
Avinash Rugoobur, Arrival president, joined Cheddar to discuss the launch of the first microfactory in South Carolina, expected to produce 10,000 electric vans per year.
According to the latest Cheddar/SurveyUSA poll, attitudes toward social media giants like Facebook and Twitter are largely mixed among Americans ahead of the 2020 election.
Spencer Rascoff, the serial entrepreneur behind Zillow, Hotwire, and Pacaso, is helping fuel the SPAC boom on Wall Street with the IPO of blank-check company Supernova.
The Norwalk, Connecticut-based Datto Holding Corp's unusual ticker symbol, MSP, stands for "managed service providers," which make up Datto's main clients and partners.
Pharmaceutical company Merck has partnered with drone startup Volansi to make remote vaccine deliveries. Hannan Parvizian, Volansi founder and CEO, joined Cheddar to discuss the partnership and supplying rural areas with temperature-controlled vaccines..
Social media is taking a particularly important role in this year's election as the platforms works to remove misinformation. Cheddar's Michelle Castillo reports.
Payment processer, Paya, is debuting on the Nasdaq after going public through a SPAC. Jeff Hack, Paya CEO, joined Cheddar to discuss why it was the right time to go public
Nokia says it has been tapped by NASA to build the first cellular communications network on the moon.
