Finance

Elon Musk to step down as Tesla chairman

Elon Musk to step down as Tesla chairman

Musk and Tesla each agreed to pay a $20 million fine.

Two days later, Elon Musk and SEC reached a settlement that will leave a 20 million dent on the Billionaire's pockets.

Gene Munster, venture capitalist at Loup Ventures, said Gore would be able to use the role to get Musk, who is still CEO of Tesla, in line. Photos and videos of the numerous parked cars started popping up online back in July, and a group of amateur detectives calling itself the Shorty Air Force has taken to tracking down the various locations where they've been stashed, the New York Times reports.

Some highlights: The company said it delivered more than 55,000 Model 3 sedans during the quarter, a 10th of those in the last week of the quarter. While this isn't particularly great news for Musk individually, this has recovered nearly all of the damage done by the initial lawsuit.

This weekend's settlement made clear that Musk was neither accepting guilt nor denying the SEC's allegations.

Musk, 47, told employees in an email on Sunday that the company was "very close to achieving profitability and proving the naysayers wrong", but still needed to execute on the last day of the quarter.

As part of the settlement, Tesla will appoint an independent chairman, two independent directors, and a board committee to set controls over Mr Musk's communications under the proposed agreement.

A total of 53,239 Model 3 vehicles rolled off Tesla's assembly line during the third quarter, hitting Musk's target of 50,000 to 55,000 for Tesla's first electric auto designed for the mass market, and almost doubling the second quarter's volume.

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.

Tesla had said in August that it stopped taking new reservations for the Model 3, but the company didn't answer a question about its current reservation count.

But several experienced litigators also said that, while the DOJ probe is separate, the SEC's settlement might mark the end of official action against Tesla and Musk.

Its shares rebounded 17 per cent on Monday in the United States to rebound to around $US310 a share, returning the company to a $US53 billion plus ($A73 billion) valuation, and no doubt causing rage among its critics and short sellers.