*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.
Israel-based Check Point is sounding the alarm bell for the video game industry about improving user protections after gaming giant EA recently addressed a flaw that left 300 million gamers vulnerable to hackers.
Cambium Networks, a company that builds wireless broadband networks for companies, governments, and other internet service providers, plans to focus on its customers and will "let the markets play out long term."
These are the headlines you Need 2 Know for Wednesday, June 29, 2019.
A lawsuit brought by pilots against Boeing alleges the beleaguered aerospace manufacturer covered up the design flaws of the 737 Max jet at the center center of the deadly crashes of Ethiopian Airlines Flight 302 and Lion Air Flight 610
The sophisticated rocket sent a payload that included 24 satellites, a new, solar-powered space sail, and the ashes of 152 people, into space with its side boosters successfully returning to Earth unscathed.
Senators Mark Warner and Josh Hawley introduced the "Designing Accounting Safeguards to Help Broaden Oversight and Regulations on Data Act," or the Dashboard Act on Monday.
Green Growth Brands has added another retail veteran to its team. A former executive at Victoria’s Secret, Tommy Hilfiger, and Calvin Klein, Jann Parish joins the CBD-infused beauty and skincare company as chief marketing officer, as it seeks to tap into the cultural movement surrounding cannabis and hemp.
These are the headlines you Need 2 Know for Monday, June 24, 2019.
These are the headlines you Need 2 Know for Friday, June 21, 2019.
House Majority Whip Jim Clyburn focused on his district and uplifting rural communities with a plan to build up broadband infrastructure
