Elon Musk Got $1.7 Billion Richer Today

Elon Musk Got $1.7 Billion Richer Today

SEC has also charged Tesla for failing to have the required disclosure control and procedures over Musk's tweets.

Musk and Tesla each agreed to pay a $20 million fine. Musk and Tesla each will pay a penalty of US$20 million, with the total US$40-million penalties to be "distributed to harmed investors under a court-approved process".

But several experienced litigators also said that, while the Justice Department inquiry is separate, the SEC's settlement might mark the end of official action against Tesla and Musk.

Musk's tweet about taking his company private, along with attacks on critics on social media, raised concerns with investors about whether Musk has become too focused on criticism from so-called short-sellers who had been making bets against him and Tesla.

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. Tesla's showroom in Paramus, New Jersey, was closed by 8pm local time on Sunday.

Electrek, a website focusing on the electric-vehicle industry and particularly on Tesla's offerings, quoted an unnamed source as saying production levels reached an unprecedented level of roughly 80,000 for the third quarter.

On August 7, Musk told his 22 million Twitter followers that he might take Tesla private at $420 per share, with "funding secured".

After falling 14 percent on Friday, the stock rose 17 percent today, leaving the closely watched price at $310.70 at the close. Musk has pledged that Tesla would record profits and positive free cash flow in the third and fourth quarters this year. It was one of Elon's first tweets since settling with the regulatory agency.

Tesla is expected to release third-quarter production this week, and investors are watching to see if it hit targets for the Model 3, a high-volume auto.

The board includes includes James Murdoch, son of Rupert, and an Australian businesswoman, Robyn Denholm, who is being touted as a possible successor to Musk as chair of the board.

Elon Musk is confident that Tesla Inc. Since starting the production of the electric sedan past year, the Model 3 ramp has been beset by multiple challenges, including bottlenecks in both the Fremont factory and Gigafactory 1.

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