*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.
Mark Groden, founder and CEO of Skyryse, sees the just completed end-to-end autonomous flight of its helicopter called Luna as a large step forward in realizing a new sky-based transportation system.
Joel Flory, CEO of the photo editing app VSCO, discussed the VSCO girl trend and the acquisition of camera and app company, Rylo, in a sitdown with Cheddar.
Cheddar looks back at the high-profile product failures of the year.
The middle-of-the-night moves on Capitol Hill blindsided the solar sector. The industry had launched an ambitious lobbying effort this summer to extend the industry's tax credit and until last night had believed that an extension would be included in the tax packages.
1-800 Contacts, the private-equity-owned online contact lens retailer, is buying 6over6 Vision, an Israeli startup that has pioneered a way for customers to bypass eye doctors and complete in-home eye tests via their smartphones.
These are the headlines you Need 2 Know for Tuesday, December 17, 2019.
The company’s stock fell Monday after a morning report from the newspaper said Boeing would likely make an announcement today. Boeing’s board met Sunday and Monday to determine the future of the plane.
CEO Roei Ganzarski said the excitement of the moment the first electric-powered commercial flight took off felt like the birth of another child.
The U.S. residential solar market posted its biggest quarter on record in Q3 2019, according to a report by Wood Mackenzie Power and Renewables.
Robinhood, the popular single-stock trading app, now allows users to invest in fractions of stocks or funds. The new feature, launched Thursday, is the next step for the fintech unicorn in becoming “the best place for first time and new investors,” Abhishek Fatehpuria, a product manager, told Cheddar.
