According to the agreement filed on Saturday, Musk must resign as chair within 45 days.
Tesla Inc. shares rebounded from last week's US lawsuit over Elon Musk's take-private tweets, as a settlement ensured the billionaire will keep calling the shots at the carmaker he's said is on the verge of profitability. The SEC cited "significant market disruption" as the primary repercussion of Musk's loose lips, as well as questioning Tesla's dissemination of information.
Musk's dispute with the SEC arose from an August 7 tweet in which Musk claimed to have "funding secured" to take the company private at $420 per share.
Lawyers say the settlement and size of the fine may give more ammunition to short-sellers pursuing separate cases against Mr Musk for manipulating the company's shares as well as to a probe by the Justice Department.
Automotive news website Electrekreported after the opening bell that Tesla had produced 53 000 of its Model 3 sedans in the third quarter, citing a source familiar with the matter.
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.
Cardi B Turns Herself in to Police Over Strip Club Fight
Cardi B performs at the 2018 Global Citizen Festival: Be the Generation in New York City's Central Park on September 29. Video circulating on social media showed Cardi B lunging toward someone and being held back at Harper's Bazaar Icons.
Canada and USA agree last-minute trade deal
A side letter published along with the main text of the agreement exempts a percentage of eligible auto exports from the tariffs . By Monday morning "You'll have some news one way or the other", USA trade adviser Peter Navarro said on Fox News Sunday morning.
"The $40 million in penalties will be distributed to harmed investors under a court-approved process", the SEC said.
Initially, Musk was ready to accept SEC's proposed settlement that stipulated he would step down as chairman for two years and pay between $5-10 million as a fine.
The charges come after Musk claimed in August via a series of tweets that he was planning to take the electric auto maker private, and implied that such a move was imminent with "funding secured".
In emails leaked to CNBC, Musk hinted that Tesla was "very close" to being profitable and told staff to "ignore the distractions".
The settlement also requires Tesla appointing two new independent directors, and Tesla setting up a "new committee of independent directors and put in place additional controls and procedures to oversee Musk's communications".
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.
Ritu Kapoor has gone on record often claiming how she was the life of every party and the greatest "performer" in the family. Bollywood celebrities are thronging to Chembur to pay their last respects to late Raj Kapoor's wife, Krishna Raj Kapoor .
The Europeans appeared to be the more elastic team when it came to pairings while the Americans looked like they'd run out of gas. Furyk was an impotent captain for the US , making decisions that seemed based off old memories instead of recent results.
Puig, who turns 25 on Thursday, appeared unfazed by her opponent's stature, and kept the Dane under pressure throughout. She will face Aryna Sabalenka - who downed Dominika Cibulkova 7-5, 6-3 - in the second semi-final.
A vehicle passes past an uprooted tree due to strong winds generated by typhoon Trami in Itoman, southern island of Okinawa. Five people suffered injuries in storm-related accidents in Okinawa, but no one was feared dead, local officials said.
Kavanaugh also denied being in the same "social circles" as Blasey, indicating it was unlikely they'd be at the same party. On Friday, Trump directed the law enforcement agency to re-open the background investigation of his nominee after Sen.
Ford also said she was 100% certain that it was Kavanaugh who attacked her, and she had not mistaken him for a different man. According to NBC, the latest complaint says the assault took place whilst Judge Kavanaugh was drunk.
Lots of fans and follower have wished Wayne a Happy Birthday, and they can not wait to hear his latest album, Carter V . Will it be tonight? "It's mine, I didn't die, but as I was dying, God came to my side and we talked about it".
Developers from XDA also accessed the new UI screen, which will show up when a Pixel device is docked on the Pixel Stand . The front-facing camera will also apparently have a "Super Selfies" feature, though it's not yet clear what this is.
Liverpool manager Jurgen Klopp has vowed to "strike back" as his team face Chelsea in a Premier League game this weekend. He's a special player and he enjoys these one-on-one situations. "I didn't need that [EFL Cup] game to know about Eden".
That's a Democratic plan", West said, flanked by SNL cast members and his collaborative musicians Kid Cudi and 070 Shake . He's racist, '" West said , according to footage posted on Instagram by comedian Chris Rock .
These are the six senators who could decide Kavanaugh's fate
It appeared that Flake wouldn't vote for Kavanaugh in the closely divided Senate unless GOP leaders agreed to an investigation. As he was entering an elevator, hours before his decision, two women confronted him and called for the senator to reconsider.
Ryder Cup - All you need to know
The gallery was so stunned that it booed Finau as he approached the green, and he paused before rapping in the short birdie putt. Annes, another one-sided affair, Nicklaus argued that radical change was required if the competition was to have a future.