U.S. judge approves SEC settlement with Tesla, Musk; shares jump
17 Oct 2018

A U.S. judge on Tuesday approved a settlement between a federal regulator, Tesla Inc and its chief executive officer, Elon Musk, over his tweets promising to take the company private, signalling an end to a tumultuous period for investors.

Tesla shares rose as much as 5.5 percent to $273.88 before easing to $271.63 in early-afternoon trade on Nasdaq. Despite the gains, the stock is still down more than 20 percent since Aug. 6, the day before Musk said on Twitter he would take the company private and claimed he had secured funding to do so.

Judge Alison Nathan of the U.S. District Court for the Southern District of New York approved a motion filed by the U.S. Securities and Exchange Commission outlining the agreement with Tesla and Musk.

– By Nick Carey, Munsif Vengattil, Reuters, 16 October 2018.

Link to Reuters.

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