Elon Musk's 420 Tweet Costs Him and Tesla $20 Million Each

Elon Musk's 420 Tweet Costs Him and Tesla $20 Million Each

Amid a slew of controversies surrounding Tesla CEO Elon Musk, there comes some good news for the electric-car company's investors and staff as the tech billionaire has now said that the company is close to achieving profitability.

The Securities and Exchange Commission asks Musk to remain the CEO of Tesla but only if he steps down from the position of Chairman for three years.

On August 7th, 2018, Elon Musk used his prolific Twitter account to state that he was "considering taking Tesla private at $420" per share, claiming that funding was already secured. The SEC stated that his plans to make Tesla a private company have misled investors, resulting in Tesla stocks to tumble. Some have argued Musk should even give up the CEO role and assume a post such as chief technical officer.

Neither Musk nor Tesla is required to admit any wrongdoing as part of the settlement, which is subject to court approval.

Alongside Musk's change of interaction with Tesla, both he and the company need to pay a $20 million fine for the foible.

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.

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Some highlights: The company said it delivered more than 55,000 Model 3 sedans during the quarter, a 10th of those in the last week of the quarter.

They also hoped the settlement would cap several months of volatility around Tesla's shares driven by a series of tweets and public pronouncements by Mr Musk.

The episode had increased scrutiny of the California-based company, which has struggled over the past year to boost output of its newest model.

In a September 30 email, filed with the SEC on Monday, Musk said the electric vehicle maker is nearly there. 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.

As part of the settlement with the SEC, Tesla will also appoint an independent chairman and two independent directors, responding to calls on Wall Street to relieve the pressure on Musk and provide more balance in the vehicle maker's management.

The company is expected to release quarterly production numbers this week for the Model 3, seen by analysts as crucial to the carmaker's drive to achieve long-term profitability.

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