Just last week, Musk cleared a dark cloud hanging over the company when he agreed to settle a Securities and Exchange Commission case alleging he had misled investors by declaring he had lined up the financing to take Tesla private.
A take-private price of $420 a share would value Tesla at $82 billion and marks a significant jump from the stock's current levels of roughly $379 a share. The SEC wanted to oust Musk as CEO as punishment.
The news of Tesla CEO Elon Musk settling with USA financial regulators sent the company's stock soaring Monday morning.
Tesla shareholders, Tesla fans, and Tesla customers all breathed a sigh of relief this week when it announced that founder and CEO Elon Musk had reached a settlement with United States regulators. Secondly, the company's board will also appoint two new independent directors, with a new committee dedicated but not limited to regulating Musk's communications as he remains CEO.
The move brings a conclusion to the SEC fraud charges over his infamous "funding secured" tweet.
"Tesla and the board of directors are fully confident in Elon, his integrity, and his leadership of the company, which has resulted in the most successful USA auto company in over a century", it said in a statement before the settlement with the SEC was reached.
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In 2013, the company stated that it would use Musk's Twitter account as a means of announcing material information, however this has been diluted over the years by tweets of Musk's other firm, The Boring Company and various personal jokes.
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.
According to the agreement filed on Saturday, Musk must resign as chair within 45 days. Moreover, as part of the settlement, he will remain ineligible for re-electing as the company's chairman for another three years. Along with leaving, Musk has to pay a $20 million fine for a tweet he fired off saying he planned on a massive buyout of Tesla.
The company's stock rose more than 16% to $307.85 in early trading in NY on Monday.
Things could have actually been a lot worse for Tesla and Musk, with experts highlighting the fact that he's retained his CEO position, is still the dominant stockholder and still has a place on the board.