*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 UK-based startup Arrival, which is building small- and medium-sized electric vans for deliveries and other commercial roles, announced this week that it’s attracted a $110 million investment from Hyundai and Kia. The company says the partnership bumps Arrival’s valuation to more than $3 billion dollars.
House Speaker Nancy Pelosi called Facebook’s behavior “shameful” during her weekly press conference Thursday.
These are the headlines you Need 2 Know for Thursday, January 16, 2020.
TiVo, famous for its DVR devices that captured and recorded TV programs in real-time, is wading into the streaming wars with a new one-stop entertainment platform, says CEO Dave Shull.
Visa has invested in data custodian Very Good Security (VGS), a four-year-old startup that holds private customer data for fintech companies and large enterprises, helps reduce their compliance risk and ultimately, ideally, lowers the potential risk of data breaches.
Visa will pay $5.3 billion to acquire Plaid, the fintech unicorn that gives finance apps data access and analytics, as major card networks fight to increase access to payments and technical infrastructure in a fast-changing, competitive environment.
Here are the headlines you Need 2 Know for Tuesday, January 14, 2020.
Cerebral, a startup hoping to close a healthcare gap by providing online consultations and prescriptions for mental health issues, is betting users are open to ordering medicine for anxiety, depression and insomnia through the mail.
In bringing esports to the big screen, IMAX President Megan Colligan said the company is trying to find new ways to make the most of movie theaters at times when ticket sales generally lag.
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.
