Tesla Stock Is Going Nowhere Fast Despite Elon Musk’s SEC Settlement


Tesla did not immediately respond to a request for comment and Musk could not immediately be reached for comment. Hitting production and delivery targets has become increasingly important for Tesla's relationship with Wall Street investors after the auto maker struggled to increase production to meet demand of its new Model 3 electric vehicle. Of course, as with all things Tesla, all that performance is on top of industry-leading aesthetics and a tech-filled package.

Hopefully the company comes out of its current predicament for the better.

Last Thursday, the SEC charged Musk with securities fraud for the infamous tweets about taking Tesla private at $420 per share and for claiming "funding secured" for a potential deal.

The charges come after Musk claimed in August via a series of tweets that he was planning to take the electric auto maker private, and implied that such a move was imminent with "funding secured".

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They also hoped the row would cap several months of volatility around Tesla's shares driven in part by a series of rows over Musk's tweets and public pronouncements.

Moreover, Both Tesla and Musk will pay $20 million in fines that will be distributed in a court-approved process to the investors that were potentially harmed by Musk's Twitter activity.

Tesla and Mr Musk will pay $20 million each to financial regulators.

"It is possible that the DOJ investigation does not result in any criminal charges at least in part because the DOJ could determine that the SEC's action resolved the matter and that no further governmental action is required".

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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.

Musk's settlement with the SEC requires him to give up his position as chairman of Tesla's board for three years.

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. 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.

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