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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.

Expand chart
Data: FactSet; Chart: Harry Stevens/Axios

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.

ICYMI: Musk will get to remain as Tesla's CEO under the deal, but must step down as chairman. Tesla, as part of a separate but related settlement, also will be required to pay a $20 million fine, must add two new independent directors, and is required to vet Musk's tweets before they go out.

The big picture: Tesla has been struggling to show it can sustainably continue expanding production of the Model 3 sedan that’s critical to the company’s future, and a prolonged case could have also hindered its future access to capital

What's next: All eyes now turn to Tesla's vehicle third-quarter production and delivery numbers, which are expected in days, and then Q3 financial results in a few weeks.

  • Musk has claimed the company will profitable and cash-flow positive in the third and fourth quarters this year.
  • A Saturday email from Musk to employees encouraged them to go all-out in the frenzied push to complete deliveries on the final day of the quarter.
  • “We are very close to achieving profitability and proving the naysayers wrong, but, to be certain, we must execute really well tomorrow (Sunday),” he wrote, per Business Insider.

Our thought bubble: The SEC settlement amounts to some "tough love" for the company. New independent voices on the board should be helpful. And in theory the controls over Musk's communications may help prevent this type of self-inflicted wound in the future.

Go deeper: Elon Musk and the SEC both cave

Go deeper

7 hours ago - World

Over 170 Palestinians injured in clashes with Israeli police in Jerusalem

An injured man is carried away as Israeli security forces clash with Palestinian protesters at the al-Aqsa mosque compound in Jerusalem. Photo: Ahmad Gharabli/AFP via Getty Images

At least 178 Palestinians have been injured in clashes with Israeli police in Jerusalem, Reuters reported late Friday.

The big picture: The clashes come amid growing anger over the threatened eviction of Palestinians from their homes on land claimed by Jewish settlers in East Jerusalem. Tensions have also escalated in the occupied West Bank in recent weeks.

Updated 10 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: Coronavirus cases hit a seven-month low — Majority back vaccine proof requirements for travel, schools and work — The race to avoid a possible "monster" COVID variant.
  2. Politics: Oklahoma secures $2.6 million refund for hydroxychloroquine purchase — Why Biden's latest vaccine goal is his hardest yet.
  3. Vaccines: Pfizer begins application for full FDA approval of COVID-19 vaccine — Moderna says its COVID booster shot shows promise against variants.
  4. Economy: U.S. adds just 266,000 jobs in April, far below expectations — Americans' return to the skies could benefit smaller airlines.
  5. World: WHO authorizes China's Sinopharm COVID-19 vaccine for emergency use — Mixed response in Europe to Biden's vaccine patents bombshell.
  6. Variant tracker: Where different strains are spreading.

Ohio GOP censures Rep. Anthony Gonzalez over Trump impeachment vote

Photo: Bill Clark/CQ-Roll Call, Inc via Getty Images

The Ohio Republican Party on Friday censured Rep. Anthony Gonzalez (R-Ohio) and called for him to resign for voting to impeach former President Trump in January, Reuters reports.

The big picture: Gonzalez is the latest Republican lawmaker to be punished for voting to impeach the former president on a charge of inciting the deadly Jan. 6 insurrection.