Tesla's share price jumped today as dramatically as it fell on Friday, thanks largely to this weekend's settlement of the Securities and Exchange Commission's complaints against the company and its CEO, Elon Musk.
Billionaire businessman Elon Musk has stepped down as the Chairman of Tesla following a tweet where he claimed he has the funding and investor support to buy the publicly-traded company.
The company's stock rose more than 16% to $307.85 in early trading in NY on Monday. That included nearly 56,000 of the lower-priced Model 3.
Tesla Inc (TSLA.O) announced record quarterly auto production numbers on Tuesday but warned it was facing major problems with selling cars in China due to new tariffs that will force it to accelerate investment in its factory in Shanghai.
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It wasn't immediately clear how many outlets across the USA were doing record volume. Tesla's showroom in Paramus, New Jersey, was closed by 8 p.m. local time Sunday.
A 2018 Tesla Model 3 electric vehicle is shown in this photo illustration taken in Cardiff, California, U.S., June 1, 2018.
Tesla is expected to release third-quarter production this week, and investors are watching to see if it hit targets for the Model 3, a high-volume auto.
That's above the Wall Street consensus of 50 416 - the average estimate of five analysts polled by Bloomberg - and toward the high end of Musk's July forecast of between 50 000 to 55 000 Model 3s.
On Saturday, Musk settled the charges with the SEC, agreeing to pay a fine of $20 million and step down as chairman of the board for at least three years. "The resolution is meant to prevent further market disruption and harm to Tesla's shareholders", said Steven Peikin, co-director of the SEC's Enforcement Division. The SEC also filed papers that charged Tesla with failing to exercise proper oversight over Musk's actions and laid out a separate settlement of those charges. Likewise, Tesla will pay another $20 million due to its failure to check whether Musk's announcements complied with the law.