Published: Tue, October 02, 2018
Money | By Arnold Ball

Elon Musk’s "Funding Secured" Tweet Just Cost Him & Tesla $40 Million

Elon Musk’s

Under a settlement reached this weekend, Tesla and Musk will pay $20 million each to the securities regulator and Musk will step down as chairman but remain as chief executive.

Under the settlement, which requires court approval, Musk will be allowed to stay as CEO but must leave his role as chairman of the board within 45 days.

"Our focus remains on the continued ramp of Model 3 production and delivering for our customers, shareholders and employees". If we go all out tomorrow, we will achieve an epic victory beyond all expectations.

Billionaire businessman Elon Musk has stepped down as the Chairman of Tesla following a tweet where he claimed he has the funding and investor support to buy the publicly-traded company.

As of Friday afternoon, Tesla's stock price dropped by 14 percent to $264.77, erasing $7.3 billion in shareholder value.

Various news reports in August and September claimed that the Tesla Model 3 has become the fifth best-selling vehicle model in the United States, after the Toyota Camry and Corolla and the Honda Civic and Accord.

In Coral Gables, Florida, a showroom attendant who asked not to be named said deliveries were scheduled hour-by-hour to avoid congestion.

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It wasn't immediately clear how many outlets across the USA were doing record volume. The one in Brooklyn, for example, was quiet Saturday morning.

Musk, a co-founder of Tesla, is the company's largest stockholder, owning approximately 22 per cent of its outstanding shares.

Others were so busy that volunteers showed up to help staff out. Production including 53,239 Model 3s, fulfilling guidance of between 50,000 to 55,000 vehicles for the latest quarter. That said, Tesla appears to have hit its stride in manufacturing the electric sedan in Q3.

The settlement marked a swift end to the SEC's lawsuit, which was filed Thursday.

"The total package of remedies and relief announced today are specifically created to address the misconduct at issue by strengthening Tesla's corporate governance and oversight in order to protect investors", said Stephanie Avakian, co-director of the SEC's Enforcement Division.

Pursuant to recent reports, Tesla (NASDAQ: TSLA) and its CEO, Elon Musk have to bow down to charges and have acquiesced to pay $40 million along with subsequent concessions.

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