The US Securities and Exchange Commission said on Saturday that car-maker Tesla and Chief Executive Elon Musk had agreed to pay $20 million each under a settlement that will also see the billionaire step down as chairman after a tumultuous two months for the company.
Musk will purchase $20 million worth of the company's stock in the next trading opportunity, according to a person familiar with his plans.
While the 15-year-old company has never earned an annual profit, Tesla's CEO has vowed it's the verge of making money and stemming cash burn that's exceeded more than $1 billion in recent quarters.
"Both sides have pulled back, taken a deep breath and realized that in the interest of the company, its shareholders, they need to put this behind them", said Stephen Crimmins, a former SEC enforcement lawyer who's now a partner at Murphy & McGonigle.
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. The appointment of two new Board members, as well as the creation of a committee tasked with "placing additional controls and procedures to oversee" Musk's communications, were warmly received by the Tesla community as well.
USA securities regulators settled a lawsuit against Musk alleging that he made false and misleading statements about plans to take the company private in August.
But its shares have been hit hard since the SEC filed the lawsuit.
Analysts expect Wall Street will now be able to focus more on third quarter production numbers for the company's Model 3 sedan this week.
The settlement doesn't resolve investors' lawsuits, which were significantly strengthened by the SEC's complaint.
The letter emerged before a planned vote Friday by the Judiciary Committee to advance the Kavanaugh nomination to the full Senate. Dive into everything we've written on today's Kavanaugh hearing - almost 40 articles in all - from USA TODAY's Short List .
Brad already has two children and Gwyneth also has two children from her previous marriage to Coldplay frontman Chris Martin . She said: "Chris and I eloped, so I've never actually had a wedding, or any of these fun bride kind of things".
In December 2004, he was arrested by Russian authorities, tried, convicted of high treason and sentenced to 13 years in prison. "Many people look alike, but I can not tell you who this citizen who was pointed out in this investigation is", Peskov said.
STATE COLLEGE - The agony for the White Out was palpable. "I'm upset with myself", Penn State coach James Franklin said. A 26-yard screen pass from Haskins to JK Dobbins made it 13-7 in favor of Penn State with 1:50 remaining in the half.
During her opening statement at the hearing on September 27, Ford said, in part, "I am here today not because I want to be". Actress Alyssa Milano is surrounded by reporters before the Senate Judiciary Committee hearing .
Officials said aftershocks, the communications breakdown and the power outage made it hard to coordinate rescue efforts. MrNugroho said the second quake was felt "very strongly" and "we expect more damage and more victims".
Mueller has been investigating whether Trump obstructed justice by firing Comey, as well as through other actions. Rosenstein arrived at the White House on Thursday morning for a previously scheduled national security meeting.
In contrast, Europe only need 4.5 points to make home advantage count in the event for the sixth time in the last seven matches. The Americans, trailing 10-6, had threatened a comeback by winning 3½ of the first five singles points.
Ramirez said the the assault occurred during the 1983-84 school year at Yale University, where they both were students. Kavanaugh angrily denied the allegations against him during last Thursday's committee hearing.
At the end of season five, Frank asked for a public pardon from Claire for both him and his aide Doug Stamper. 'I lost my husband. She's a mess in her first 100 days as President , as her teary eyes and stained makeup reveal.
Keyser doesn't remember the party, but stresses she isn't refuting Ford's account, the lawyer said, according to Sciutto's tweet. Grassley said the committee took the allegations seriously, and questioned Kavanaugh about them on September 25.
UC Berkeley research led to Nobel Prize-winning immunotherapy
Today, immunotherapies based on Allison and Honjo's research work especially well for fighting advanced and aggressive tumors. The peace prize will be announced on Friday, and the economics prize will wrap up the Nobel season on Monday, October 8.
Raj Kapoor`s wife Krishna Raj Kapoor dies at 88
Bollywood's first family, the Kapoors bid a final farewell to Krishna Raj Kapoor who died on Monday of a cardiac arrest. Krishna Raj Kapoor was married to Raj Kapoor and they have five children, three sons and two daughters.
Canada and USA agree last-minute trade deal
Sources tell The Canadian Press an 11th-hour NAFTA deal has been reached that allows Canada to rejoin the trilateral trade pact. The US and Canada came to an agreement Sunday to tweak key pieces of the North American Free Trade Agreement , known as NAFTA.
Alan Shearer tips Man United to sack Jose Mourinho
United tried to haul themselves back in the game after Felipe Anderson's early goal for West Ham but their football was beige. Far from turning Manchester United back into title contenders, Jose Mourinho is instead matching the lows of David Moyes.
Earthquake and tsunami death toll rises in Indonesia
Many have spent the last days desperately searching for loved ones while dealing with the trauma of the disaster. Save The Children program director Tom Howells said access was a "huge issue" hampering relief efforts.
VW Teams Up With Microsoft To Develop Digital Services
Eventually, the jointly developed cloud solutions are to be used for many Volkswagen brands such as Audi, Seat and Skoda. The long-term goal is to implement We as the car's platform to become a hub for the Internet of Things (IoT).
'Vamos!': Garcia firing up Europe at Ryder Cup
It was Thomas's fourth point of the weekend - the best haul for an American rookie since Larry Nelson in 1979. McIlroy's three birdies on the front nine had helped the Europeans build their big lead.
Dark Phoenix moves (again) to later release date
One intriguing film on Fox's updated slate is an "Untitled Deadpool" movie that will be released on december 21. The first time Fox pushed the film back, they brought the cast back for major reshoots to the final act.