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.
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.
In a statement issued by the White House on Friday, Kavanaugh said he will continue cooperating with the confirmation process. Kavanaugh, making an appearance before the same Senate committee after Ford, denied the allegations.
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 .
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.
The Chicago Cubs have clinched their fourth straight postseason berth, getting into the playoffs when Milwaukee beat St. The Rockies will counter with German Marquez (14-10, 3.76 ERA), who struck out eight straight to begin his last start.
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.
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.
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.
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.
JOSE MOURINHO , Manchester United manager, on how he felt that his side conceded two goals due to errors from the officials. As bad as the defeat at West Ham was, I didn't get the impression we were talking about one.
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.
Trump says he'd been accused - falsely - by "four or five women" who "got paid a lot of money" to made those charges. The Democrats were apparently unhappy with the Republicans questioning, and are demanding a deeper investigation.
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.
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.
Trump, Rosenstein meeting pushed to next week
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.
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.
Tearful Casey says Ryder Cup 'like a drug'
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.
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.