Tesla Inc. shares rebounded from last week's USA lawsuit over Elon Musk's take-private tweets, as a settlement ensured the billionaire will keep calling the shots at the carmaker he's said is on the verge of profitability.
The charges come after Musk claimed in August via a series of tweets that he was planning to take the electric vehicle maker private, and implied that such a move was imminent with "funding secured".
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.
It ends a case that began in August, shortly after the publications made by Elon Musk and that ended up not having any progress, and the company maintained its position in the stock market.
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Musk and Tesla must each pay $20 million in fines, which will be distributed to traders who were harmed by the tweets.
Avakian and Peikin demanded that Musk pay $20m and be removed as Tesla's chairman for at least three years, harsher terms than were being offered in the scrapped deal, people familiar with the matter said.
"The new independent chairman and board members should dramatically improve corporate governance and widen the pool of potential investors", Baird's Kallo said. "The resolution is meant to prevent further market disruption and harm to Tesla's shareholders".
The SEC alleged in a lawsuit on Thursday that the tweets about financing for a go-private plan he abandoned just weeks later had no basis in fact, and said the market chaos that ensued hurt investors. Tesla shares plummeted 14% on Friday, the biggest drop in nearly five years. On Saturday, the SEC released an update announcing that Musk had accepted a settlement for his lawsuit. Neither Musk nor Tesla admitted or denied the SEC's findings as part of the settlement. The open board chairperson role creates an opportunity for Tesla to potentially put someone in place that is capable of influencing Musk and helping Tesla reach sustainability.