*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.
BlockFi is getting ready to launch a bitcoin rewards credit card this year as it continues to build a more complete suite of financial services and draw more consumers into the cryptocurrency market.
Social media will continue to rapidly evolve in the next year with a new regulatory landscape, in light of new research on how it affects emotions, the rise of newcomers like TikTok, and a new era of commerce.
These are the headlines you Need 2 Know for Tuesday, December 31, 2019.
Tesla unveiled its first China-made electric vehicles for purchase Monday. Despite hitting this milestone, the company’s stock sunk on speculation the company will miss 2019 delivery expectations when Q4 numbers are released.
A look at the events that are sure to make the market move next week — the final week of 2019!
Kevin Tan, CEO of the food ordering app Snackpass, talked to Cheddar about plans to expand to more college campuses and cities as well.
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.
the singular success of Tesla ($TSLA) – and the Model 3 in particular – may spell trouble for the EV sector, at least in the short term. While sales of electric vehicles in the U.S.
These are the headlines you Need 2 Know for Friday, December 27, 2019.
Scott Wolfe, CEO of Levelset, says that money will be going toward research and development to ultimately help streamline the payment process and allow contractors to easily stay in compliance.
