Tesla shares jump on Model 3 numbers, Musk deal

SEC Lawsuit Against Musk Wiped $7.3 Billion From Tesla’s Market Value

Elon Musk agrees to step down as Tesla Chairman, to pay $20 million fine

The electric auto maker is expected to report third-quarter production numbers on Tuesday, following a period of turbulence, including a run-in with securities regulators that culminated in Musk being ousted as Tesla's chairman and hit with a multimillion-dollar fine.

The outcome calls for Mr. Musk to step down as chairman and for Tesla to.

The case focused on Musk's claims in August that funding had been secured for a plan to buy out Tesla's publicly traded shares at a price of $420 and take the company private.

Neither Musk nor Tesla admitted or denied the SEC's findings as part of the settlement, which still must be approved by a court.

So they sued him, dropping the company's stock by 14% (that's more than $7B in shareholder value) - Musk himself reportedly lost $1.6B in a single day.

Tesla fans cheered the signs of a manufacturing jump while business analysts said the company needed to fulfil the spirit of the settlement by appointing a strong independent chair and new directors.

In emails leaked to CNBC, Musk hinted that Tesla was "very close" to being profitable and told staff to "ignore the distractions".

Even after the stock's slide from last year's peak, Tesla is valued at $45.2bn in the stock market.

Elon Musk's decision to pay $20 million to end a civil investigation into his tweets about taking Tesla Inc. private reduces the chance that criminal prosecutors will go after the executive, according to former prosecutors and other criminal-law experts.

Short sellers, meanwhile, have targeted the company, saying it needs to raise billions of dollars more in financing, has woeful quality control and is run by an erratic, unfocused CEO.

Tesla's own ability to further accelerate that transition will be tested in coming months by the success of the company's Tesla 3 deliveries this last quarter and the current one just started.

Tesla Inc's settlement with US regulators will help soothe investors calling for more oversight of Chief Executive Elon Musk, experts said, even as it gives ammunition to short-sellers pursing separate cases and to a probe by the Justice Department.

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