Elon Musk's 420 Tweet Costs Him and Tesla $20 Million Each

SEC Lawsuit Against Musk Wiped $7.3 Billion From Tesla’s Market Value

Neither Musk nor Tesla admitted or denied the SEC's findings under the settlement, which still must be approved by a court.

Tesla's stock price has swung sharply since Musk tweeted in August he was thinking of taking the company private.

Alongside Musk's change of interaction with Tesla, both he and the company need to pay a $20 million fine for the foible.

Tesla will now be appointing two new independent directors to its board.

Musk has gained legions of fans for his bold approach to business and technology, using his 23 million Twitter followers account to promote Tesla, his rocket company SpaceX, and tunnel venture, the Boring Co. He went on to claim that the funding is already in a secure state but seeks a shareholder vote.

Where Tesla was in "production hell" a year ago, it is now in "delivery logistics hell", according to Musk.

After filing the lawsuit, SEC officials were anticipating a drawn-out legal battle, but settlement talks started up again late Friday after Musk's attorney Steven Farina sent an email asking to reopen the discussions.

Matt Damon plays a fuming Kavanaugh on 'SNL' premiere
Comparisons to Bill Cosby were brought up, to which Damon's Kavanaugh pleaded for McKinnon's Graham not to compare the two. Ford has no evidence - none", he said.

Penn State's Juwan Johnson Made An Unbelievable One-Handed Catch
But then Ohio State's offense responded with the right answers at the right time, something Penn State was unable to do. McSorley took it 13 yards to the 2, then found tight end Pat Freiermuth for a go-ahead TD, 20-14, with 12:22 remaining.

Buccaneers refuse to name starting QB for Week 4
Winston has been the starter the past three seasons after being the No. 1 overall selection in the 2015 draft. Fitzpatrick has been scorching hot to start the season, leading the league in passing yards with 1,230.

Two days later, Elon Musk and SEC reached a settlement that will leave a 20 million dent on the Billionaire's pockets. Under terms of the settlement, Musk can remain CEO but must relinquish his role as chairman.

That's all on top of Tesla's hard-to-watch 2-year struggle to meet production goals on their new Model 3 (though, they did meet their Q3 goal).

Tesla shares fell more than 1 percent in recent trading Tuesday.

At the same time, Tesla has also settled new charges of "failing to have required disclosure controls and procedures relating to Musk's tweets", and will also pay a penalty of $20m. There remain significant opportunities to grow the addressable market for Model 3 by introducing leasing, standard battery and other lower-priced variants of the auto, and by starting worldwide deliveries.

The numbers initially lifted Tesla shares but they fell later as investors anxious about the company's warning that a 40-percent tariff on Chinese imports of its cars was blocking sales in the world's biggest electric vehicle market.

Things could have actually been a lot worse for Tesla and Musk, with experts highlighting the fact that he's retained his CEO position, is still the dominant stockholder and still has a place on the board.

Related news:

Hot News

isis-killer-beheading-video-story-top Champions League: Livescore from Manchester United vs Valencia
Oct 03, 2018 - 01:30
Rashford fired wide from the edge of the area and had another long-range effort comfortably handled by Neto early on. That prompted chants of "attack, attack, attack" from a disgruntled home faithful.

isis-killer-beheading-video-story-top Trump calls Kavanaugh allegations 'scary time' for men falsely accused
Oct 03, 2018 - 01:30
Leaning: The local pressure is likely weighing on her decision, but Murkowski has a history of being tight-lipped until she votes. Deborah Ramirez also came forward and alleged that Kavanaugh, when he was a student at Yale, exposed himself to her at a party.

isis-killer-beheading-video-story-top Kavanaugh Was Questioned by Police After a 1985 Bar Fight, Report Shows
Oct 03, 2018 - 01:24
The man noticed Ludington, Kavanaugh and the others looking at him and - according to Ludington - aggressively asked them to stop. The paper said, in retrospect, it should have assigned a newsroom reporter to the story but said it stood behind its veracity.

isis-killer-beheading-video-story-top Woman accuses CR7 of rape
Oct 02, 2018 - 02:12
Mayorga was even barred from saying Ronaldo's name to her therapist as part of the agreement. Ronaldo has denied the allegations in an Instagram live video , calling it "fake news" .

isis-killer-beheading-video-story-top Real Madrid's Gareth Bale sits out Champions League trip to Moscow
Oct 02, 2018 - 01:44
Lopetegui's system has been impressive in building a creative attacking unit while also limiting the opposition. Benzema hasn't scored in the team's last four matches, while Bale found the net only once in that period.

isis-killer-beheading-video-story-top Earl Thomas Flipped Off The Seahawks Bench While Carted Off Injured
Oct 02, 2018 - 01:28
As Thomas was being taken to the locker room, he turned squarely toward the Seahawks' bench area and flipped the bird at someone. Rosen was unable to lead the Cardinals to a comeback and the Bears won 16-14.

isis-killer-beheading-video-story-top Yale Law dean calls for more investigation into allegations against Kavanaugh
Oct 01, 2018 - 02:57
He said it was "remarkable" the number of people who saw Ford and "were emboldened to come out and say what had happened to them". That made the two women staking out his office angry, and they confronted him when he tried to leave for Friday's hearing .

isis-killer-beheading-video-story-top Fortnite season 6 kicks off with massive changes
Oct 01, 2018 - 02:28
It does make you wonder though how much time games developers spend creating physics models for their own personal entertainment. And once again, when you unlock all seven of these beauties you'll get yourself another secret skin for the game.

isis-killer-beheading-video-story-top Gwyneth Paltrow to tie the knot this weekend
Oct 01, 2018 - 02:17
The pair separated four years ago and filed for divorce the following year with the split becoming finalised in 2016. Hollywood star Gwyneth Paltrow uploaded a rare selfie of her daughter Apple , to celebrate National Daughter's Day.

isis-killer-beheading-video-story-top Meghan Markle breaks protocol by closing her own auto door
Oct 01, 2018 - 01:01
But breaking royal protocols is nothing new for Markle, who also shut her own auto door during the outing. The Duke said: "I was staggered by the beauty and sheer remoteness of this incredible landscape".

isis-killer-beheading-video-story-top #GamingBytes- Mojang announces new role-playing-game, Minecraft: Dungeons
Oct 01, 2018 - 00:59
I am quite pleased with the little teaser for Minecraft : Dungeons and it seems like the kind of Minecraft experience I'll enjoy. Mojang announced the game at Minecon today, providing a few general details about what Minecraft: Dungeons is all about.

isis-killer-beheading-video-story-top FBI has reached out to Kavanaugh accuser Deborah Ramirez
Oct 01, 2018 - 00:57
Dr Ford's lawyer said her client welcomed the step but questioned the time limit of a week to hold the investigation. The scope of the investigation that FBI agents will undertake now is unclear. "The Senate is dictating the terms".

isis-killer-beheading-video-story-top Trump Says He and Kim Jong Un ‘Fell in Love’
Oct 01, 2018 - 00:53
North Korea wants a formal peace treaty to end the 1950-53 Korean War, which ended only in an armistice. Donald Trump has told a cheering crowd that he and North Korean leader Kim Jong Un "fell in love".

isis-killer-beheading-video-story-top EAM takes on Pakistan for 'breeding terrorism', calls for UNSC reforms
Sep 30, 2018 - 22:43
Moreover, FM Qureshi said that he will be meeting US Secretary of State Mike Pompeo on October 2 to discuss bilateral matters. India's foreign minister accused neighboring Pakistan of harboring terrorists in an angry speech Saturday before the U.N.

isis-killer-beheading-video-story-top Hurricane Rosa weakens again, keeps Mexico in its sights
Sep 30, 2018 - 22:42
It is expected to become a tropical storm by late Sunday as it heads northeast toward the Baja California peninsula. The storm was moving north at 12 miles per hour and had maximum sustained winds of 105 miles per hour .