Elon Musk's $2.4 billion windfall as Tesla shares bounce back


Elon Musk's $2.4 billion windfall as Tesla shares bounce back

Those results-they're not now scheduled, but last year's were announced on November 1-could be particularly noteworthy, with Musk repeatedly suggesting that the company could report a quarterly profit for the period.

'Al Gore, now on Apple's board, could be an interesting fit given his interest in climate change'.

A 2018 Tesla Model 3 electric vehicle is shown in this photo illustration taken in Cardiff, California, U.S., June 1, 2018.

Musk recently stated that the company was in "delivery logistics hell", a problem which he attributed to the lack of trucks to transport newly purchased cars around the country. In Musk I trust'. The SEC claimed that Musk knew the funding was not secured.

Munster added that the settlement serves as a good opportunity for Musk to re-evaluate how interacts with the public on Twitter. Secondly, the company's board will also appoint two new independent directors, with a new committee dedicated but not limited to regulating Musk's communications as he remains CEO.

In a settlement reached with the Securities and Exchange Commission (SEC) on Saturday, September 29, Elon Musk will step down as Tesla chairman, following a tweet that sparked a federal investigation.

"Today's production announcement offers a bit of redemption to the Tesla faithful", said Jeremy Acevedo, Edmunds manager of industry analysis, in an email.

Musk, whose tweets on August 7 on a plan to take Tesla private that was later abandoned, has been barred from tweeting about Tesla without the permission of a company lawyer. Investors saw the initial settlement agreement as a decent and quick solution to the charges, sending shares soaring almost 17% in Monday's trading session.

Take-private transactions may be led by a non-controlling shareholder, a private equity firm making a leveraged buyout or a consortium of companies.

By settling, Musk neither admitted or denied misleading investors.

Following the announcement that Musk would settle and step down as chairman, Tesla's stock stabilised after its 14 percent drop, shooting back up 15 percent at $305 per share.

In two emails obtained by CNBC, Musk told staff that Tesla is close to achieving an "epic victory" on its production goals and turning a profit after years of burning through cash.



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