The electric carmaker's shares sank last week after the U.S. Securities and Exchange Commission accused Musk of securities fraud and sought to ban him from company leadership, pointing to a long drawn-out fight that could have undermined Tesla's operations and ability to raise capital.
Tesla shares plunged around 14 percent on Friday, the day after the SEC charged Musk with misleading investors, and are down 30 percent since his August 7 tweet saying he was considering taking the company private at $420 a share. Tesla has already agreed to the settlement and the company will also be required to appoint two new independent directors to its board and hire a lawyer to monitor Musk's communications, including his tweets.
But several experienced litigators also said that, while the DOJ probe is separate, the SEC's settlement might mark the end of official action against Tesla and Musk.
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Flake issued the request right before the 11-10 vote by the Senate Judiciary panel to advance Kavanaugh's nomination. Lindsey Graham vowed a "wholesale, full scale investigation" to determine who leaked Ford's letter.
Musk warned a month ago Tesla was facing delivery bottlenecks and the record 83,500 cars topped Wall Street forecasts and included delivery of 55,840 Model 3 sedans seen as crucial to the company's drive to become profitable.
In addition, Tesla continues to lack access to cash incentives available to locally produced electric vehicles in China that are typically around 15% of MSRP or more.
On August 7, Musk told his 22 million Twitter followers that he might take Tesla private at $420 per share, with "funding secured".
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Tesla stock rose 17.3 per cent to $US310.70 after a 14 per cent plunge on Friday. He is staying on as CEO, but gives up his chairmanship.
Looks like one careless tweet has costed Musk dearly!
Tesla must also hire an independent chairman to oversee the company. It's a rare piece of good news in what has been a tumultuous few weeks for the company.
The tweet caused Tesla's stock price to jump and, according to the SEC, "led to significant market disruption".
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'The open board chairperson role creates an opportunity for Tesla to potentially put someone in place that is capable of influencing Musk and helping Tesla reach sustainability, ' said Munster, who is a noted Tesla bull.