*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.
Waymo is allowing the general public to hitch a ride in its driverless autonomous vehicles in Phoenix.
Grammy-winning singer Mary J. Blige, and Linda Goler Blount, CEO of the Black Women's Health Imperative, joined Cheddar to discuss a new Breast Cancer Month initiative encouraging Black women to get mammogram screenings.
Recent victims of ransomware attacks span the public and private sectors and include Universal Health Services, one of the largest hospital systems in the U.S., and the Clark County School District in Las Vegas.
Democratic lawmakers are calling for Congress to rein in Big Tech, possibly forcing Facebook, Google, Amazon, and Apple to break up their businesses.
Julie Samuels, executive director at Tech: NY, joined Cheddar to discuss the COVID NY Alert app that will be used for contact tracing in New York.
Tim Kendall, CEO of Moment and former Pinterest president, joined Cheddar to discuss the harrowing effects of social media use and how "big social's" methods are harming users.
Lee Brown, VP and global head of advertising business at Spotify, joined Cheddar to provide some insight into what exactly Gen Z is looking for.
Data analytics giant, Palantir, has made its debut on the NYSE. David Glazer, CFO, joined Cheddar to discuss opening day and company's success and vision for profitability.
A small air leak at the International Space Station has finally been traced to the Russian side, following a middle-of-the-night search by astronauts.
