*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.
The Food and Drug Administration plans to restrict the sale of flavored e-cigarettes that might appeal to teens, according to a Washington Post report. But some worry a ban will only further entice young users. "Some people say it will just make it more attractive. That's one of the problems ー the more you restrict it, the more enticing it can be," USA Today health care policy reporter Jayne O'Donnell told Cheddar on Monday.
From the makers of the dating app, Bumble, the newest dating app exclusively for gay men is here. Chappy caters gay men and Adam Cohen-Aslatei, managing director of Chappy, said the app not only wants to help make meaningful relationships, but combat the discrimination seen in other dating apps.
The subject of gambling and esports has become a point of serious tension for gamers. For companies like Unikrn, which built its platform on the practice of esports betting, battling that stigma is a central, implicit part of the operation. According to CEO and co-founder Rahul Sood, the company is determined to make betting on esports a “safe, legal, and relegated” space.
Mike Masserman, head of global policy and social impact at Lyft, spoke with Cheddar about several initiatives the ridesharing company is taking to put its values front and center. Lyft's "Round Up & Donate" feature lets riders make a small charitable donation with each ride. Its first partner in the initiative, the USO, just topped $1 million in donations from the program. The ridesharing company has also activated its "Relief Rides" program to help victims of the California wildfires get to shelters and hospitals.
Nick Bell, Snap’s longtime VP of Content, is leaving the company. He is the latest in a long string of executives to depart the embattled company since its initial public offering in early 2017.
SAP is acquiring survey software maker Qualtrics just before its planned IPO for $8 billion. Could Qualtrics be for SAP what Instagram was for Facebook? Dan Primack, business editor at Axios, joined Cheddar to analyze the deal.
SoftBank Founder Masayoshi Son is reportedly seeking $21 billion for the new entity that will be called SoftBank Corp. and begin trading Dec. 19
If you put together the sales generated from Black Friday, Cyber Monday, and Amazon's Prime Day in the U.S., it still would be less than the sales from Sunday's Singles Day shopping holiday in China.
These are the top stories, from Wall Street to Silicon Valley, that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
Four years ago, Aziz “Hax$” Al-Yami was one of the best Super Smash Bros. Melee players in the world. But after suffering what he said felt like “an explosion” in his left wrist, Hax’s once-impressive tournament performances were marred by serious physical pain. So he found his own solution: a different type of controller. Hax talked to Cheddar Sports about his life-changing design.
