Tesla shares soar after Musk gets ousted as chairman

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Shares of Tesla Inc jumped 18 percent on Monday as signs it had met targets for quarterly auto production added to relief at Chief Executive Elon Musk's settling of a lawsuit with regulators that had threatened to force him out.

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.

This is only the midpoint of his Musk-sational 2018 narrative. Andrew Doane, who has a Model S sedan, Model X crossover and Model 3 auto and is president of the Tesla Owners Club of the Mid-Atlantic region, mustered club members to pull shifts at delivery hubs in Virginia and Maryland, and worked one himself. Neither Musk nor Tesla admitted or denied the SEC's findings as part of the settlement.

But, like any responsible parent, the SEC doesn't give a sh*t if Elon likes them or not.

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The company's stock rose more than 16% to $307.85 in early trading in NY on Monday.

Yes, Musk is a highly intelligent and influential individual, but it's clear the guy needs a nap. Tesla is due to appoint two new independent directors, with the board expected to oversee Musk's communications with investors.

On August 7, Musk told his 22 million Twitter followers that he might take Tesla private at $420 per share, with "funding secured".

Following the announcement that Musk would settle and step down as chairman, Tesla's stock stabilised after its 14 percent drop, shooting back up 15 percent at $305 per share.

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Tesla shares sank last week after the US Securities and Exchange Commission accused Musk of securities fraud, opening up the prospect of a long-drawn out fight that could have seen Tesla lose its leader, undermine its ability to raise capital and cripple operations.

Musk and Tesla must each pay $20 million in fines, which will be distributed to traders who were harmed by the tweets.

Tesla is also under heavy pressure to turn a profit because it is burning through $1 billion in cash every three months and, as of the end of June, had just $2.2 billion in the bank.

However, the CEO of Tesla, of course, Elon Musk may resume this position within 3 years and managed to remain as the CEO of Tesla.

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