Tesla Shares Jump; Elon Musk Says Company Close To Achieving Profit

02 October, 2018, 00:11 | Author: Elaine Woods
  • Elon Musk to Resign as Chair of Tesla Board but Remain CEO

According to the existing information, Elon Musk has 5 days to leave the post.

Avakian and Peikin demanded that Musk pay $20 million 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.

Tesla's shares soared 16% on Monday after chief executive Elon Musk settled a fraud lawsuit with the USA regulator.

Musk and Tesla have agreed to settle the charges against them without admitting or denying the SEC's allegations.

Tesla shares sank last week after the SEC accused Mr Musk of securities fraud, opening up the prospect of a long-drawn out fight that could have seen Tesla lose its leader, undermine its ability to raise capital and cripple operations.

It is set to release third quarter production numbers that will show whether the production level it reached at the end of the second quarter - when it produced 5,000 Model 3 cars a week - was a blip or sustainable.

Women can't be treated as cattle: Supreme Court strikes down adultery law
In simple words, adultery is defined as a person having sex with a man's wife without taking prior consent from the husband. The ruling jettisoning the 158-year-old colonial-era law means adultery is no longer a crime in India , the BBC reports.

GOP pushing forward for Kavanaugh, accuser wants 'fairness'
Ford has demanded that the hearing be scheduled for Thursday, which the source said is still among the things under negotiation. Ford was reluctantly thrust into the public spotlight only two days ago", Ford's attorney said in a statement Wednesday.

Amazon Echo Auto Brings Alexa To Your Old Car For $50
The first physical design, a matte black cylinder, was uninspired, but the always-on speaker and Alexa resonated with consumers. Then there's the $29.99 Echo Wall Clock , which uses Bluetooth to connect to your Echo device.

Loup Ventures Managing Partner Gene Munster noted that the SEC settlement is the best outcome possible from Elon Musk's "funding secured" fiasco.

Musk, whose tweets on August 7 on a plan to take Tesla private that was later abandoned, has tweeted only once since the settlement was announced - posting a music video by rap group Naughty by Nature.

Tesla jumped in pre-market trading after Elon Musk settled a USA lawsuit over his take-private tweet storm, reassuring investors that the billionaire will keep calling the shots at the electric-car maker he's said is on the verge of profitability.

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. Musk has said that he expected Tesla to achieve positive cash flow and profitability in the quarter, which ended on Sunday.

Over the weekend, Musk emailed his staff to tell them to "ignore the distractions" and to claim that Tesla is "very close" to finally becoming profitable.

"[Musk] had way too much control over the boardroom and the company", he said, adding it was an unusual situation that the entrepreneur was chairman, CEO and also Tesla's largest shareholder. Under the settlements, which are contingent on court approvals, Musk will step down as Tesla chairman and will be replaced by an independent chairman.

Recommended:

  • I have no problem with Pogba - Jose Mourinho

    I have no problem with Pogba - Jose Mourinho

    Or other players? But in terms of this, I don't know if Pogba is worth the hassle for what he gives on the pitch. I think Jose has problems come the end of the season.
    Walmart warns Trump that new China tariffs could mean price hikes

    Walmart warns Trump that new China tariffs could mean price hikes

    Yet, unless you're importing these goods or in one of these businesses, you probably haven't felt the effects of these tariffs. The US trading relationship with China has been the most fraught, and has escalated dramatically in the past week.
    Bloomberg Reports Coca-Cola is Considering Cannabis Infused Beverages

    Bloomberg Reports Coca-Cola is Considering Cannabis Infused Beverages

    Coca-Cola would not be the first multi-national to partner with a cannabis company if it links up with Aurora. Company-drinks manufacturer Coca-Cola intends to manufacture products with the substance in marijuana.
  • White House denies ‘micromanaging’ Kavanaugh probe

    White House denies ‘micromanaging’ Kavanaugh probe

    She indirectly criticized Trump last week after he questioned why Ford didn't report her assault decades ago. Kavanaugh, testifying hours later, said he was "100 percent" certain that he was innocent of the accusation.
    Ford says she thinks Kavanaugh tried to rape her

    Ford says she thinks Kavanaugh tried to rape her

    Judge is a boyhood friend of Kavanaugh who has written a book describing the debauchary of his high school years. Republicans plan to vote on Kavanaugh less than 24 hours later on Friday, though that could be postponed .
    Russia to supply Syria with missile system

    Russia to supply Syria with missile system

    In the phone call, Netanyahu also said he told Putin that Israel would continue to protect its security and interests. Israel maintains that indiscriminate fire from Syrian forces was to blame for the incident.
  • Cosby accusers say they hope he is sentenced to jail time

    Cosby accusers say they hope he is sentenced to jail time

    According to NBC News , "Cosby's lawyers opposed the request for additional accusers to testify at the sentencing hearing". State sentencing guidelines, which are not mandatory, recommend a sentence between two and four years, Chanenson said.
    Comcast outbids Fox with €33bn offer for Sky in auction

    Comcast outbids Fox with €33bn offer for Sky in auction

    Comcast has been vying for Sky since February, when it gate-crashed Fox's deal to buy the London-listed pay-TV group. Sky shareholders will decide over the coming days which bid to accept, but it is thought to be a formality.
    Amazon considers opening 3,000 cashierless Go stores

    Amazon considers opening 3,000 cashierless Go stores

    Under the plan cited by Bloomberg , 10 Go stores would be up and running by the end of 2018, 50 in 2019, and up to 3,000 by 2021. The e-tail giant now has four Amazon Go stores: three in Seattle and one in Chicago, which opened on Monday.
  • Mattis dismisses Iran revenge threat, says US  not in attack

    Mattis dismisses Iran revenge threat, says US not in attack

    The Ahvaziya is an Iranian ethnic Arab separatist organisation and considered a terror organisation by the Iranian government. It comes amid fears oil prices could hit an eye-watering $100 per barrel as United States sanctions against Iran begin.
    Cowboys get beat down by Seahawks

    Cowboys get beat down by Seahawks

    Seattle went 14 games without a running back finding the end zone until Carson bulled his way in with 12:54 remaining. It ended with Thomas telling reporters that he doesn't plan to practice for the Seahawks if he doesn't feel like it.
    Klopp: There's no Salah crisis

    Klopp: There's no Salah crisis

    Manolo Gabbiadini will also be absent as a lower hamstring injury will keep him out of the sixth Premier League gameweek. Salah scored 44 times last season. "They are in good shape.


Popular

N. Korea says 'no way' it will denuclearize without trust in US
North Korea's foreign minister says continued United States sanctions on Pyongyang are deepening mistrust in his country. Kim and Trump are actively planning a second summit, but there are still signs that the talks haven't advanced.

Powerful typhoon nears Tokyo after losing some strength
Five people suffered injuries in storm-related accidents in Okinawa, but no one was feared dead, local officials said. Japan issued evacuation orders and warnings to about 700,000 households in southern and western Japan.

Woodward’s words and United’s revenues may mean Mourinho cashes in
Jose Mourinho confirmed Paul Pogba has been stripped of the vice-captaincy at Manchester United , but insists they have not fallen out.

Gibson on Butler trade request: I didn't see it coming
He isn't inclined to trade the forward who helped Minnesota make the playoffs for the first time since 2004, and it's hard to blame him.

Trump says he rejected Trudeau, again threatens Canadian-built auto tariffs
Get direct access to our top weekly content, contests, and perks. . "We are going to tax the cars that come in". Other senior USA officials have been voicing frustration with Canada lately as the talks have dragged on.

Michael Kors to take control of Italy's Versace
Versace had revenue of €686m euros and returned to profit in 2017, according to figures provided by the company. Donatella herself owns 30 percent of the holding, with the remainder in the hands of her brother Santo.

Kenya: Alexis Sanchez blasted for poor performance | The Standard - Kenya
Speaking at his post-match news conference, Mourinho said: "I expect my team to make a better game than we did". Manchester United midfielder Paul Pogba has backed Alexis Sanchez to rediscover his best form.

This Is My Plan For Diogo Dalot - Jose Mourinho
The Chile global is yet to score in four games this season and has managed just three in 22 games since arriving from Arsenal . "I am optimistic, but it will be a hard season, yes", he said.

Cleveland Browns steal trick play from Eagles
A Browns fan captured the little guy, grabbed it by its tail, and carefully put it in a box provided by a stadium employee. From there, the No. 1 pick dominated the second half to lead Cleveland to its first win since 2016.

Jimmy Butler Prefers Clippers For Trade, Downplays Fractured Relationship With Towns
There have also been questions about Butler's relationship with younger teammates Andrew Wiggins and Karl-Anthony Towns. But it appears as though the 29-year-old couldn't agree to playing in Minnesota for one more season.