Tesla Shares Jump; Elon Musk Says Company Close To Achieving Profit

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

Still, despite the ever-present controversy and turmoil surrounding Musk and his baby, Tesla still has a ton of believers on social media.

In May, CTW Investment, which advises union pension funds worth more than $250 billion, chastised the Tesla board for its failure to rein in Elon Musk, its mercurial co-founder.

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

Shares of Tesla Inc (TSLA.O) jumped almost 16 percent on Monday after Chief Executive Elon Musk settled with the U.S. Securities and Exchange Commission (SEC) over charges of misleading investors, heading off moves to force him out.

Musk and Tesla will each pay $20 million under the settlement, the SEC said in a statement Saturday.

That caused a brief spike in Tesla's share price, leading so-called short-sellers, who have been betting on the stock crashing for years, to lose millions.

What to expect from Hurricane Rosa
Sergio had winds of 50 mph (85 kph) early Sunday and it was centered about 485 miles (780 kilometers) south of Manzanillo, Mexico. Thus, it's expected to make landfall in Mexico at tropical storm strength in the afternoon or evening on Monday.

As part of the settlement, Tesla will appoint an independent chairman, two independent directors, and a board committee to set controls over Musk's communications under the proposed agreement.

Tesla shares sank last week after the SEC filed a lawsuit accusing Musk of securities fraud and demanding the Silicon Valley billionaire be removed his role as chief executive.

Under the terms of the settlement, Musk and Tesla neither admit nor deny the SEC's allegations.

The rise pretty much makes up for the losses suffered Friday, after the Securities and Exchange Commission (SEC) officially sued Musk over his tweet about having secured funding for a plan to take Tesla private.

He's made these assurances in large part due to progress Tesla has made in producing more Model 3 sedans - the first electric vehicle Tesla has tried to mass-manufacture.

It revealed facts based on emails, documents and interviews that private lawyers haven't gained access to yet, giving them a better chance of withstanding Tesla and Musk's attempts to get the shareholder suits thrown out, legal experts said.

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