Shares of Tesla Inc jumped almost 15 percent on Monday after Chief Executive Elon Musk settled a lawsuit from the US Securities and Exchange Commission (SEC) that sought to remove him from company management.
Following two tumultuous days, Musk has settled with the SEC, agreeing to step down as chairman for 3 years and add 2 new independent directors, with him and Tesla each paying a $20 million in penalties.
Tesla's shares soared 16% on Monday after chief executive Elon Musk settled a fraud lawsuit with the United States regulator.
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The result: a deadlock that requires one last game between the Rockies and the Dodgers to determine the NL West division title. The Brewers likewise got out to an early lead, getting two in the first inning before rolling to an 11-0 win over the Tigers.
As part of the settlement, Tesla will appoint an independent chairman, two independent directors, and a board committee to set controls over Musk's communications under the proposed agreement.
The settlement will stand post a court approval in which Tesla and Musk neither admit nor deny the charges levied by the SEC.
The California-based electric carmaker, emerging from several months of turmoil around its Chief Executive Elon Musk, confirmed numbers leaked to an industry news site on Monday that showed it produced roughly 80,000 cars in the third quarter.
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. Some analysts had said that Musk's departure would harm Tesla's brand, fundraising abilities and stakeholders' confidence if the company lost its key visionary.
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He said Pakistan is in the war against terrorism and its army with the support of the masses had ended the scourge from the country.
Its shares rebounded 17 per cent on Monday in the U.S. to rebound to around $US310 a share, returning the company to a $US53 billion plus ($A73 billion) valuation, and no doubt causing rage among its critics and short sellers. "Nor did it have sufficient processes in place to that Musk's tweets were accurate or complete".
Tesla's production ramp for the Model 3 has not been easy for the company.
Tesla must also hire an independent chairman to oversee the company.
Investors were reassured as Elon Musk's Tesla reached a deal with regulators over the weekend. An equity settlement could end up diluting Musk's roughly 19 percent stake in Tesla, further reducing his influence on the board.
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The company has recently been struggling to meet audacious production goals for its Model 3 sedan.