Elon Musk may be starting to put those take-private tweets behind him, but his fortune will need more time to recover despite a big boost on Monday. Tesla's stock plummeted 14% on Friday after the SEC filed its lawsuit, erasing more than $7 billion in shareholder wealth.
In order to "achieve a victory beyond all expectations, Tesla must go "all out" on production on Sunday which marks the end of the quarter, Musk said". Andrew Doane, who has a Model S sedan, Model X crossover and Model 3 auto and is president of the Tesla Owners Club of the Mid-Atlantic region, mustered club members to pull shifts at delivery hubs in Virginia and Maryland, and worked one himself.
Tesla and Mr Musk will pay $20 million each to financial regulators. Tesla is required to appoint two new independent directors to its board.
As a result of these publications, Tesla shares rose 11% on the stock exchange, prompting the United States regulator to investigate the case.
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The company has recently been struggling to meet audacious production goals for its Model 3 sedan.
Back in 2016, Tesla announced that all its cars will come with self-driving hardware, which owners can switch on if they decide to activate level 5 autonomy.
In a statement, the SEC added that the settlements are subject to court approval and that they would also require comprehensive corporate governance and other reforms at Tesla. As part of the settlement, both the company and Musk have been fined US$ 20 million each. However, at the last moment he changed his mind, and in turn the SEC filled a lawsuit claiming that "Musk had not even discussed, much less confirmed, key deal terms, including price, with any potential funding source".
"Ignore all distractions. One more hardcore weekend and we will all be victorious", Musk wrote in the first email sent Friday Sept. 28.