Tesla shares jump after Musk settles with SEC

Elon Musk to Resign as Chair of Tesla Board but Remain CEO

Elon Musk to Resign as Chair of Tesla Board but Remain CEO

Musk and Tesla were also fined $20million each. A more assertive board could provide the kind of tighter oversight that many legal experts, and Tesla investors, say is overdue for a company of Tesla's market value.

In case you haven't been paying attention to the news, Tesla's sort of going through a rough patch at the moment: The electric vehicle manufacturer's founder, Elon Musk, now has the US Securities and Exchange Commission breathing down his neck, and it's safe to say that the company's seen better days.

The row began in August when Musk (47) tweeted that he was considering taking Tesla private at $420 a share and had secured funding. In addition to this punishment, Elon Musk and Tesla are required to pay a fine of $20 million each.

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Loup Ventures Managing Partner Gene Munster noted that the SEC settlement is the best outcome possible from Elon Musk's "funding secured" fiasco.

Musk will purchase $20 million worth of the company's stock in the next trading opportunity, according to a person familiar with his plans.

"When companies and corporate insiders make statements, they must act responsibly", SEC Chairman Jay Clayton said.

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Many see the forced changes as being positive for Tesla, partly because the mercurial Musk will now have someone to answer to, and partly because his reduced role may allow the chronically overworked CEO to focus more.

Besides the settlement news, Tesla (TSLA) has another milestone this week.

The SEC lawsuit charging Elon Musk with misleading investors sparked a settlement resulting in Musk hiring a new chairperson and two new, independent board members. On Saturday, the SEC released an update announcing that Musk had accepted a settlement for his lawsuit.

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Tesla must hire an independent chair to oversee the company. Munster pointed out that the terms of the settlement actually works in Tesla's favor, as the appointment of a new, capable Chairman of the Board could help Tesla reach sustainability, as well as become the wake-up call that Musk needs with regards to his behavior online.

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