KXIP vs KKR Live Score

Elon Musk told Tesla employees that the company was on the cusp of making money, hours after he and the carmaker reached a settlement with the United States that steps up oversight of the chief executive officer's communications of material information.

Tesla must also hire an independent chairman to oversee the company.

USA securities regulators settled a lawsuit against Musk alleging that he made false and misleading statements about plans to take the company private in August.

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. Tesla shares plummeted 14% on Friday, the biggest drop in nearly five years.

At the same time, Tesla has also settled new charges of "failing to have required disclosure controls and procedures relating to Musk's tweets", and will also pay a penalty of $20m. The SEC's lawsuit charged that the tweet, which caused Tesla's shares to jump, was misleading because he did not actually have the funding lined up for such a move.

In the Chicago suburb of Highland Park, more than 75 people crammed into Tesla's service center and another 50 or so waited outside.

Sen. Jeff Flake of Arizona calls Kavanaugh decision 'a tough call'
The group of four is seen as the key to Kavanaugh winning confirmation, or failing to land a seat on the Supreme Court . She told the committee she feared Kavanaugh would rape and accidentally kill her during the alleged assault.

It follows Elon Musk's settlement with the US SEC, which includes an agreement to step down as Tesla chairman within 45 days.

It ends a case that began in August, shortly after the publications made by Elon Musk and that ended up not having any progress, and the company maintained its position in the stock market.

"When companies and corporate insiders make statements, they must act responsibly", SEC Chairman Jay Clayton said.

"The resolution is meant to prevent further market disruption and harm to Tesla's shareholders", SEC co-director of enforcement Steven Peikin said. 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.

He arrived at the $420 a share figure by assuming a 20 percent premium on Tesla shares and rounding up one dollar because "he had recently learned about the number's significance in marijuana culture", and to impress his girlfriend, according to the SEC's complaint.

The company has recently been struggling to meet audacious production goals for its Model 3 sedan.


COMMENTS