Elon Musk resigns as Tesla chairman with multi-million dollar settlement

Dwayne Harmon
October 1, 2018

Musk allegedly tweeted "considering taking Tesla private at $420".

Shares of Tesla Inc (TSLA.O) jumped 18 percent on Monday as signs it had met targets for quarterly production numbers added to relief at Chief Executive Elon Musk's settling a lawsuit with regulators that could have forced him out.

The Model 3 is seen by analysts as crucial to the carmaker's long-term prospects and Musk has promised the ramp-up will help make the company profitable in the third quarter.

Over the weekend, Musk emailed his staff to tell them to "ignore the distractions" and to claim that Tesla is "very close" to finally becoming profitable.

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 CEO.

While the 15-year-old company has never earned an annual profit, Tesla's CEO has vowed it's the verge of making money and stemming cash burn that's exceeded more than $1 billion in recent quarters. If we go all out tomorrow, we will achieve an epic victory beyond all expectations. The one in Brooklyn, for example, was quiet Saturday morning. Andrew Doane, who has a Model S sedan, Model X crossover and Model 3 auto and is president of the Tesla Owners Club of the Mid-Atlantic region, mustered club members to pull shifts at delivery hubs in Virginia and Maryland, and worked one himself.

Chairman of Australian public broadcaster quits over political interference claims
Mr Turnbull also admitted he had some tricky conversations in NY when asked about why he was no longer prime minister. The ABC board was meeting at noon today to decide who will be the acting chairman.


Rejuvenated Tiger out to improve poor Ryder Cup record
That was when he was regularly winning multiple times every season, compiling trophies at a rate never before seen in golf. After finishing the 18th hole, Woods was greeted by his girlfriend Erica Herman , who gave him a celebratory hug and kiss.


Passenger plane lands in ocean after overshooting runway
The airline did not immediately say how many people were aboard the plane, where it was travelling from, or what caused the crash. He said he has yet to see a passenger manifest, but he understands at least 30 passengers and 10 crew members were aboard.


In a blog post following the settlement, Munster said Gore would be an "interesting" choice for Tesla given his climate change credentials align with the company's ambitions. However, if found guilty, Musk stood to lose a lot more than $20m and could have been ousted as CEO of the company.

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

After filing the lawsuit, SEC officials were anticipating a drawn-out legal battle, but settlement talks started up again late Friday after Musk's attorney Steven Farina sent an email asking to reopen the discussions.

Tesla must hire an independent chair to oversee the company.

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 USA that steps up oversight of the chief executive officer's communications of material information.

Other reports by

Discuss This Article

FOLLOW OUR NEWSPAPER