Tweet storm: Musk quits as chairman over false claims

Despite Friday's plunge, though, Musk seemed to be in light spirits on Friday, expressing his gratitude to the Tesla community and even posting a "Don't Panic" message on Twitter.

Shares of Tesla jumped almost 16% today after chief executive Elon Musk settled with the US Securities and Exchange Commission (SEC) over charges of misleading investors, heading off moves to force him out.

"We believe Musk's settlement with the SEC is positive for all stakeholders and should allow TSLA to return its focus to producing quality cars", Baird analyst Ben Kallo said.

Tesla must hire an independent chair to oversee the company.

The company has recently been struggling to meet audacious production goals for its Model 3 sedan. Tesla's showroom in Paramus, New Jersey, was closed by 8 p.m. local time Sunday. In addition to appointing an independent chairman, Musk will be ineligible to be re-elected as chairman for three years.

However, the CEO of Tesla, of course, Elon Musk may resume this position within 3 years and managed to remain as the CEO of Tesla. Musk and Tesla each will pay a penalty of US$20 million, with the total US$40-million penalties to be "distributed to harmed investors under a court-approved process".

Body believed to be missing North Carolina boy found
At a news conference Wednesday, Ritch made a desperate plea for anyone with information about his missing son to come forward. The distraught dad and his friend searched alongside park staff members to help and after an hour dialled 911 for help.

"The total package of remedies and relief announced today are specifically created to address the misconduct at issue by strengthening Tesla's corporate governance and oversight in order to protect investors", said Stephanie Avakian, co-director of the SEC's Enforcement Division.

"Funding secured." Later on, the SEC ruled that Musk never went through with his declaration and deal between the company and the Saudi sovereign wealth fund set to foot the bill on the buyout.

The settlement with the SEC won't be the end of the matter, though, as Musk is also facing a series of class action lawsuits relating to the tweets.

Musk, whose tweets on August 7 on a plan to take Tesla private that was later abandoned, has tweeted only once since the settlement was announced - posting a music video by rap group Naughty by Nature.

"It's not often that an SEC lawsuit could be viewed as an opportunity, but this is one of those rare cases". Tesla did not immediately respond to a request for comment and Musk could not immediately be reached for comment.

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