*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.
The international body has developed a two-pronged approach in its battle against incorrect info — partnering with social media platforms to direct users to reliable sources and finding and responding to inaccurate rumors or falsehoods circulating the internet.
Stocks are tumbling again Wednesday, and indexes lost more than 4 percent to wipe out their huge gains from a day earlier as Wall Street keeps reeling on worries about the coronavirus.
These are the headlines you Need 2 Know for Wednesday, March 11, 2020.
Marketing dollars are often among the first on the chopping block — and even giants like Alphabet and Facebook are expected to feel its effects.
Credit Sesame, an app that helps users access their credit score and manage their credit, is launching a bank account that rewards users for improving their credit .
During a Q&A for satellite industry professionals, the SpaceX and Tesla founder avoided all mention of what was happening around the world. Instead, he spent the nearly one-hour time slot repeating the importance of iteration and moving fast.
Consumer advocate Ralph Nader, whose grandniece was killed in that disaster, said that even once the plane makes it back to the skies, he won't fly in it.
The Dow Jones Industrial Average sank 7.8%, its steepest drop since the financial crisis of 2008, as a free-fall in oil prices and worsening fears of fallout from the spreading coronavirus outbreak seize markets. The sharp drops triggered the first automatic halts in trading in two decades.
Reddit is opening some of the most visited real estate on the internet to advertising. The platform now offers a new ad type called “Trending Takeover,” which allows companies to place branded content on the Popular feed and search bar for 24 hours.
Robinhood reported major outages of equities, crypto, options, and fractional equities trading at 9:51 a.m. EST.
