Oct 1, 2018 - Energy & Climate
Tesla stock soars after Elon Musk settles with SEC
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Shares of Tesla surged 15% on Monday, following Musk's $20 million settlement with the Securities and Exchange Commission over his "funding secured" tweet and a leaked memo to employees about near-term profitability.
Why it matters: With the gains on Monday, Tesla has recovered all of its losses from last week, when the SEC initially sued Musk. In investors' minds, the worst-case scenario for Tesla — the removal of Musk as CEO — has been avoided.
Go deeper: Elon Musk and the SEC both cave
