Musk Sees "Victory" Tuesday, SEC Deal: Tesla Jumps

Musk Sees

The tweet suggested Musk would take Tesla off the stock market. Achieving those milestones would be a rebuke to may on Wall Street who have insisted that Tesla would need to raise additional funds in the coming months. Of course, as with all things Tesla, all that performance is on top of industry-leading aesthetics and a tech-filled package.

Tesla shares took a steep dive last Friday, plunging 13.90% amidst news of the SEC's lawsuit against the outspoken CEO.

Hopefully the company comes out of its current predicament for the better.

Neither Musk nor Tesla admitted or denied the SEC's findings as part of the settlement, which still must be approved by a court.

Analysts were relieved on Monday at the terms of Tesla chief Elon Musk's settlement with the SEC reached over the weekend, but some remain concerned over longer-term challenges the automaker faces.

On Saturday, the SEC said that it also charged Tesla the same day "with failing to have required disclosure controls and procedures relating to Musk's tweets, a charge that Tesla has agreed to settle".

More news: Why GOP Senators Benched Sex Crimes Prosecutor Rachel Mitchell In Kavanaugh Hearing

But the claim on August 7 that he had the funding to take Tesla private, and a subsequent U-turn, stunned Wall Street and came amid public appearances which saw Musk smoke marijuana live on air and call a British diver in the Thai cave rescue a "pedo".

Musk will reportedly buy $20 million worth of Tesla's stock at the next trading opportunity, according to a Bloomberg report, citing a person familiar with the matter.

"The standard of proof for any potential criminal charge is higher than that of a civil case, which the SEC had", said Jay Dubow, a former branch chief in the SEC's enforcement division.

The Model 3 is seen by analysts as crucial to the carmaker's long-term prospects and Musk has promised the ramp-up will help make the company profitable in the third quarter.

The SEC lawsuit charging Elon Musk with misleading investors sparked a settlement resulting in Musk hiring a new chairperson and two new, independent board members.

However, in two emails - one dated September 28 and the other September 30 - Musk exhorted staffers to "ignore the distractions" and that the company was close to "proving naysayers wrong", the CNBC report said.

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