*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.
Max Simkoff, CEO and founder of States Title talked to Cheddar about the acceleration of digital dealmaking in the mortgage industry, which had been slow to adopt measures before the pandemic.
Wall Street’s rally ran out of fuel in the last hour of trading on Thursday, and the market fell to its first loss in four days amid worries about rising U.S.-China tensions.
President Donald Trump is escalating his war on social media companies, preparing to sign an executive order Thursday challenging the liability protections that have served as a bedrock for unfettered speech on the internet.
Priority Bicycles Founder
Phil Ginsburg, Abbott's Head of Infectious Disease, told Cheddar that new data shows the ID Now quick-results test for coronavirus is accurate if used as intended.
The launch of a SpaceX rocket ship with two NASA astronauts on a history-making flight into orbit has been called off with 16 minutes to go in the countdown because of the danger of lightning.
NASA is rolling out the International Space Station's red carpet for Tom Cruise.
President Donald Trump is threatening social media companies with new regulation or even closure after Twitter added fact checks to two of his tweets.
Forecasters say the odds of acceptable conditions have improved to 60% for Wednesday's planned launch of a SpaceX Falcon rocket with two NASA astronauts.
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.
