More stock whiplash as Tesla rebounds after Musk settlement

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

Shares of Tesla jumped almost 16% today after chief executive Elon Musk settled with the US Securities and Exchange Commission (SEC) over charges of misleading investors, heading off moves to force him out.

In a statement, the SEC added that the settlements are subject to court approval and that they would also require comprehensive corporate governance and other reforms at Tesla. The regulator decided that Musk "knew or was reckless in not knowing" about false information contained in his posts.

Tesla's shares soared 16% on Monday after chief executive Elon Musk settled a fraud lawsuit with the U.S. regulator. Secondly, the company's board will also appoint two new independent directors, with a new committee dedicated but not limited to regulating Musk's communications as he remains CEO. Some analysts had said that Musk's departure would harm Tesla's brand, fundraising abilities and stakeholders' confidence if the company lost its key visionary. Musk tweeted only once since the settlement was announced - posting a music video by rap group Naughty by Nature.

In the last week of the quarter, we produced over 5,300 Model 3 vehicles, nearly all of which were dual motor, meaning that we achieved a production rate of more than 10,000 drive units per week.

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Both sides agreed to a settlement over the weekend, which requires Musk to step down as the firm's chairman for at least three years, although he will be allowed to stay on as CEO.

The stock's somewhat muted reaction may be a reminder of the position in which Tesla now sits-just past a trying period in which CEO Elon Musk agreed to step aside as chairman to settle an SEC lawsuit, and ahead of its third quarter financial results. The SEC also filed papers that charged Tesla with failing to exercise proper oversight over Musk's actions and laid out a separate settlement of those charges.

So they sued him, dropping the company's stock by 14% (that's more than $7B in shareholder value) - Musk himself reportedly lost $1.6B in a single day.

The total included 53,000 Model 3 sedans - hitting the middle of its earlier promise to deliver between 50,000 and 55,000, the site reported Monday. Along with leaving, Musk has to pay a $20 million fine for a tweet he fired off saying he planned on a massive buyout of Tesla.

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