*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.
Amid an investigation by Health Canada, CannTrust has halted sales of its cannabis and products. Although CannTrust's regulatory snag does not directly impact U.S. cannabis supply, Cowen analyst Jaret Seiberg said that any turbulence in Canada's nascent industry could be cause for concern for its neighbor to the south.
These are the headlines you Need 2 Know for Tuesday, July 16, 2019.
For the first time, Uber will tie bonuses for it top executives to diversity goals aimed at increasing female and minority representation within the company, the ride-hailing giant announced on Monday.
Cryptocurrency exchange Seed CX has received two virtual currency licenses, better known as a BitLicenses, from the New York State Department of Financial Services.
President Donald Trump Thursday evening decided to share his negative opinions on cryptocurrencies and Facebook's plans for the Libra currency, drawing a backlash among blockchain proponents.
North Carolina is looking to bring to bring Virgin Hyperloop One technology to connect the Research Triangle of Raleigh, Durham, and Chapel Hill with high-speed transportation.
Volkswagen said it will invest a total of $2.6 billion in Argo AI, an autonomous vehicle technology firm that was founded just two years ago with a $1 billion backing from Ford.
To celebrate its 70th anniversary, MotorTrend took a look back at past car of the year winners to pick the ultimate. Ed Loh, editor-in-chief of MotorTrend, breaks down why the 2013 Tesla Model S came out on top.
These are the headlines you Need 2 Know for Friday, July 12, 2019.
French lawmakers voted to impose a 3 percent tax on revenues from digital services that reach French users that could leave U.S. tech giants like Facebook, Google, and Amazon facing a hefty new tax bill.
