Tesla stock roars back after Elon's SEC deal

Elon Musk to Resign as Chair of Tesla Board but Remain CEO

Elon Musk to Resign as Chair of Tesla Board but Remain CEO

Musk will remain Tesla CEO after settling SEC fraud charges over his infamous "funding secured" tweet about taking the auto firm private.

Loup Ventures Managing Partner Gene Munster noted that the SEC settlement is the best outcome possible from Elon Musk's "funding secured" fiasco.

As of Friday afternoon, Tesla's stock price dropped by 14 percent to $264.77, erasing $7.3 billion in shareholder value.

Tesla in recent years has become one of the most valuable American auto maker, with its stock worth more than $50 billion. Shareholders are betting the company is on the cusp of turning a profit thanks to its lower-priced Model 3 sedan. If we go all out tomorrow, we will achieve an epic victory beyond all expectations. In the Los Angeles community of Marina del Rey, a steady stream of customers arrived while tractor trailers pulled in to unload vehicles that had been stored in Burbank. The one in Brooklyn, for example, was quiet Saturday morning. Tesla's showroom in Paramus, New Jersey, was closed by 8 p.m. local time Sunday.

Others were so busy that volunteers showed up to help staff out. Tesla's free cash flow in the second quarter totaled negative $739.5 million, bringing the company to a net loss of $717.5 million, the company reported in August.

"This weekend is the pivot point", he said, describing it as watershed moment not just for the company but for the shift away from the internal combustion engine.

India, at UN: Pakistan is harboring terrorists
Guterres also lauded Islamabad's role in world peace, saying that it is an important member of the United Nations body. The country prints postage stamps glorifying terrorists.

Late last month, Electrek reported that Tesla had already broken its record ahead of the third quarter's close, adding that the company is set to exceed its guidance of 50,000 - 55,000 Model 3s.

Two new independent directors will be appointed to the board and a new committee of independent directors will be expected to put in place additional controls and procedures to oversee Musk's communications.

In the agreement, Musk will resign as Chairman but will remain CEO and also a member of the board.

But several experienced litigators said on Monday that, while the DOJ probe is separate, the SEC's settlement could mark the end of official action against Tesla and Musk.

"The total package of remedies and relief announced today are specifically created to address the misconduct at issue by strengthening Tesla's corporate governance and oversight in order to protect investors", said Stephanie Avakian, co-director of the SEC's Enforcement Division.

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