*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.
Stocks started August with more gains, and a worldwide rally on Monday sent Wall Street back to where it was just a couple days after it set its record earlier this year.
While retailers struggle and even close up shop amid the coronavirus pandemic, MikMak's presence in the e-commerce marketplace has allowed businesses to flourish.
CEO of DroppTV, Gurps Rai, and rapper Kid Daytona talked to Cheddar about the e-commerce revenue generation for musicians the platform provides.
Garret Reisman talks difficulty of returning to Earth from space as Nasa and SpaceX prepare for a return mission.
While the U.S. economy shrank at an annualized rate of 32.9 percent during the second quarter, the downturn didn't seem to affect Facebook at all.
Authorities say British man, a Florida man and a Florida teen hacked the Twitter accounts of prominent politicians, celebrities and technology moguls to scam people around the globe out of more than $100,000 in Bitcoin.
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.
New York City has over 6,000 high rise buildings and for the last 75 years most of the skyscrapers built were constructed with glass facades. This trend has continued in cities across the world like London, Moscow, and Shanghai. But over the years, the drawbacks have become more prominent. They may look like elegant symbols of modernity, but beyond that shimmer is a list of problems that has some leaders proposing bans. All that beauty comes at a price.
Four Big Tech CEOs are fending off accusations of stifling competition in front of a congressional panel that is investigating market dominance in the industry.
A ride-sharing scooter startup said Tuesday it is suspending operations in New York City after a second fatal crash in less than two weeks.
