Business, Judge approves Elon Musk settlement with SEC

Angelica Greene
October 17, 2018

The electric-car maker recently topped Wall Street's estimates for third-quarter deliveries, but it's unclear if that will translate to the company becoming profitable, as Musk has said will happen this year.

Tesla has filed an official trademark application for Elon Musk's "Teslaquila." .

Tesla and its CEO Elon Musk's settlement with the Securities and Exchange Commission has cleared its final hurdle. Musk is credited for establishing and growing Tesla at a time when the USA automakers are struggling to fend off competition from foreign rivals.

Tesla and Musk, the company's CEO, agreed to pay a total of $40 million in fines in the settlement Tuesday.

Elon Musk's settlement with a United States regulator has been approved by a judge. Experts said the tweet could be viewed, problematically, as a denial of wrongdoing by Musk, but they said it wasn't likely to derail the deal.

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The commission stated that "Musk's misleading tweets caused Tesla's stock price to jump by over six percent on August 7, and led to significant market disruption". Shortly after, Musk tweeted a "visual approximation" of the alcohol, branded with the Tesla's logo and in its signature typeface. Within hours, questions began to swirl around Musk's claims, and the SEC quickly opened an investigation.

Musk is Tesla's biggest shareholder by far.

As per the settlement announced on Sept.29, Tesla must appoint an independent chairman, two independent directors and a board committee to set controls over Musk's communications. In 2019, for one, Tesla aims to produce 10,000 Model 3 per week, resulting in a yearly output of more than 500,000 vehicles.

Musk said the base version of the Model 3 will being production in early 2019.

Other reports by GizPress

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