Elon Musk steps down as Tesla Chairman after Controversial Tweet

Elon Musk steps down as Tesla Chairman after Controversial Tweet

Elon Musk steps down as Tesla Chairman after Controversial Tweet

Tesla's stock is up by more than 16 percent in early Monday trading after Elon Musk signed a deal with the Securities and Exchange Commission over the weekend.

This is only the midpoint of his Musk-sational 2018 narrative.

Today's sharp upturn in Tesla's share price served as a signal from investors that the settlement didn't put too heavy of a burden on the company's operations.

Neither Musk nor Tesla admitted or denied the SEC's findings under the settlement, which still must be approved by a court. With its meteoric rsie, Tesla has practically recovered the losses it incurred last week after the SEC announced that it was filing a lawsuit against Elon Musk over his "funding secured" Twitter announcement last August.

Both Musk and Tesla will also have to pay 20 million-dollar fines. This SEC run-in may prove the white knight to a Tesla in distress, shackled to the whims of a stretched-too-thin executive.

In a letter to employees, Musk said Tesla's volatile stock has served as a "major distraction" to staff and that being public created a lot of pressure on the company to 'make decisions that may be right for a given quarter, but not necessarily right for the long-term'.

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

After repeatedly falling short of its manufacturing targets, Tesla probably produced about 53,457 Model 3s in the third quarter, according to a Bloomberg Tracker that uses vehicle identification numbers and other inputs to estimate output in real time. The eccentric billionaire's now-infamous tweet that he had secured funding for a go-private transaction caused "significant market disruption" and harmed investors that may have purchased Tesla shares based on the misleading social media posts, the SEC alleged.

"The resolution is meant to prevent further market disruption and harm to Tesla's shareholders", Peikin added.

Musk has agreed to pay out the $20 million fine. While Musk does not wield majority voting power, much of Tesla's investor base is still largely captivated by him, often supporting him unquestionably. It was one of Elon's first tweets since settling with the regulatory agency.

The settlement with the SEC won't be the end of the matter, though, as Musk is also facing a series of class action lawsuits relating to the tweets. Musk initially vowed to fight the charges, but after Tesla's stock cratered on Friday, Musk backtracked and settled the case on Saturday.

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