Elon Musk resigns as Tesla chairman with multi-million dollar settlement

SEC Lawsuit Against Musk Wiped $7.3 Billion From Tesla’s Market Value

Elon Musk agrees to step down as Tesla Chairman, to pay $20 million fine

His words rang true as following the news of Musk's settlement with SEC, Tesla's stocks improved by 16% in pre-market trading.

Musk's tweet about taking his company private, along with attacks on critics on social media, raised concerns with investors about whether Musk has become too focused on criticism from so-called short-sellers who had been making bets against him and Tesla.

Those results-they're not now scheduled, but last year's were announced on November 1-could be particularly noteworthy, with Musk repeatedly suggesting that the company could report a quarterly profit for the period.

Elon Musk will continue as the CEO of the company.

Under the settlement announced over the weekend, Tesla and Musk will pay US$20 million each to the regulator and Musk will step down as chairman but stay as chief executive officer, leaving in place one of America's best-known corporate figures.

As part of the settlement, Tesla will appoint an independent chairman, two independent directors, and a board committee to set controls over Mr Musk's communications under the proposed agreement. But Musk has pledged to post profits in future quarters, and the encouraging third-quarter production numbers may allow Tesla to post a third-quarter profit.

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They threatened to portray her as having consented to sex and then making a false claim so she could extort Ronaldo for money. The final out-of-court settlement included 11 clauses including one which stated that she could never talk about it again.

However, Musk has agreed to a condition where he will not admit nor deny if he was guilty of committing the securities fraud. Those trade tensions have resulted in an import tariff rate of 40% on Tesla vehicles versus 15% for other imported cars in China.

Tesla in recent years has become one of the most valuable American vehicle maker, with its stock worth more than $50 billion.

That is borne from a multiple reasons - greed is one, but the most common thread seems to be from those who have a lot to lose if Musk does deliver on his plan to rid the global economy of fossil fuels.

The settlement with the SEC won't be the end of the matter, though, as Musk is also facing a series of class action lawsuits relating to the tweets. Since starting the production of the electric sedan a year ago, the Model 3 ramp has been beset by multiple challenges, including bottlenecks in both the Fremont factory and Gigafactory 1.

Lawyers said the settlement and size of the fine might give more ammunition to short-sellers pursuing separate cases against Musk for manipulating company shares through the August 7 tweet, as well as to a probe by the Justice Department.

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