Elon Musk no longer Tesla chairman, keeps CEO title

Elon Musk bowed to demands from America’s financial markets watchdog to give up his position as chairman of Tesla

The SEC's complaint alleged that Musk had made "false and misleading" statements, with Tesla's share price having risen on the back of Musk's tweet.

Amid a slew of controversies surrounding Tesla CEO Elon Musk, there comes some good news for the electric-car company's investors and staff as the tech billionaire has now said that the company is close to achieving profitability.

A fine of $20m and the loss of chairman seat later, Musk remains Tesla's CEO after agreeing on a deal with USA regulators.

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.

The move brings a conclusion to the SEC fraud charges over his infamous "funding secured" tweet. Tesla did not maintain that pace, but production was still high enough to keep the company on track to turn a sustained profit for the first time.

Under the settlement, which requires court approval, Musk will be allowed to stay as CEO but must leave his role as chairman of the board within 45 days.

On August 7, Musk told his 22 million Twitter followers that he might take Tesla private at $420 per share, with "funding secured".

FBI interviews Brett Kavanaugh's friend Mark Judge as part of investigation
Mr Kavanaugh struck an angry and defiant tone during the hearing, denying allegations made by three women against him. Ludington said he was a varsity basketball and that Kavanaugh enjoyed socializing with athletes.

Facebook’s Big Data Breach Could Cost It Over $1 Billion
Anyway, Facebook has since now patched the vulnerabilities and revoked the affected access tokens that were stolen by hackers. Julian Knight, a committee member, said: "It would be helpful to hear from Mr Zuckerberg, but I won't be holding my breath".

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White House counselor Kellyanne Conway said the investigation will be "limited in scope" and "will not be a fishing expedition". He said, "I have no memory of this alleged incident ... do not recall the party" and "never saw Brett act in the manner Dr.

A Tesla spokesman, Dave Arnold, said by email that the large lots of vehicles were "logistics transit hubs" and added, "Anyone observing those lots will see a change from one day to the next".

Tesla jumped as much as 19% to $315.45 at 7:45 am NY time, more than enough to offset Friday's 14% plunge.

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.

In the last week of the quarter, we produced over 5,300 Model 3 vehicles, nearly all of which were dual motor, meaning that we achieved a production rate of more than 10,000 drive units per week.

A reported 53,000 of the vehicles produced are the company's mass-market Model 3 sedan, whose production reached the 5,000-per-week benchmark at the end of Q2.

The numbers initially lifted Tesla shares but they fell later as investors anxious about the company's warning that a 40-percent tariff on Chinese imports of its cars was blocking sales in the world's biggest electric vehicle market.

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