Tesla shares jump as SEC settlement leaves Musk in CEO role


The SEC announced the deal on Saturday - two days after it sued Musk in federal court for misleading investors over his post on Twitter last month that he was considering taking Tesla into private ownership.

Under the agreement with the U.S. Securities and Exchange Commission, Musk and the company each will pay a US$20 million penalty, and Musk will be removed as chairman for at least three years.

Mr Musk and Tesla Inc have also agreed to pay $20m each to financial regulators. The SEC charged Tesla with failing to have required disclosure controls and procedures for Musk's tweets.

Musk said he later decided against the plan.

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According to NFL.com , Eifert was expected to have surgery "imminently" and his season was likely over. Eifert appeared to have tears in his eyes as he gave a slight wave to the crowd as he left the field.

"He needs to settle, and the Tesla board needs to force him to settle", said John Coffee, director of the Center on Corporate Governance at Columbia Law School - and the chain of events proved he was right.

"The resolution is meant to prevent further market disruption and harm to Tesla's shareholders", SEC co-director of enforcement Steven Peikin said.

In May, CTW Investment, which advises union pension funds worth more than $250 billion, chastised the Tesla board for its failure to rein in Elon Musk, its mercurial co-founder.

Musk has baffled investors with emotional and seemingly erratic media appearances, including one where he appeared to smoke marijuana, and a public battle with a rescuer who helped save a group of boys trapped in a cave in Thailand, whom he termed a "pedo guy".