*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.
Columbus, Ohio, may not have won the bid for Amazon's HQ2, but the city isn't ready to retire its proposal quite yet. Mayor Andrew Ginther said the city's leaders plan to use their application as a road map to transform Columbus from a Midwestern destination into a national one.
Greg Hewitt, CEO of DHL Express in the U.S., told Cheddar that Cyber Monday ー its biggest shipping day of the year in terms of "outbound" packages ー saw a 40 percent lift in packages moved year-over-year, as more overseas consumers took advantage of deals on U.S.-based websites like Amazon.
The cannabis industry's go-to packaging supplier KushCo Holdings is taking full advantage of the green rush. And when marijuana finally goes fully legal in the U.S., the company plans to re-emerge as the leader in ancillary products.
Amazon made company history and recorded its biggest shopping day yet on Cyber Monday following an already-lucrative five-day holiday weekend that totaled over 180 million in products sold.
Christine Sandler, Coinbase's head of coverage, told Cheddar's Tanaya Macheel that the crypto exchange has released an agency-only OTC desk in response to demand from large, institutional investors. Unlike other offerings, Coinbase will not act as a counterparty to trades and will instead match client orders.
Sarah Lewin, associate editor at Space.com, discusses InSight's successful seven month journey to Mars. InSight will drill into the red planet to learn more about its origins and monitor for Marsquakes.
Richard Allan, Facebook's vice president of public policy for Europe, the Middle East and Africa, answered inquiries from representatives of nine countries, sitting next to an empty chair left open for Zuckerberg. Early on, Allan, who is a former member of the British Parliament, admitted that the chief executive's absence was "not great."
These are the headlines you Need 2 Know for Tuesday, Nov. 27, 2018.
As Apple waits for a ruling from the Supreme Court, other tech companies may have cause to worry about their own legal futures. Jimmy Hoover, a legal reporter for Law360, said a ruling that favors consumers over Apple would be "an anathema to these companies."
Former wide receiver Walter Powell Jr. played for three NFL teams over a span of four years. But now, a year into his retirement, he's decided to tackle a new challenge ー creating a more informed electorate. The athlete created a new an app, Politiscope, to educate political newcomers like Powell with a tool that "broke down politics so people like me could understand it," he told Cheddar Monday.
