Elon Musk to step down as Tesla chairman

SEC Lawsuit Against Musk Wiped $7.3 Billion From Tesla’s Market Value

Elon Musk agrees to step down as Tesla Chairman, to pay $20 million fine

Now investors want to see if Tesla met its production and deliveries goals. When confronted by customers waiting for vehicles for which they've put down a payment, Musk has said Tesla is encountering difficulties delivering cars to customers due to a shortage of car-hauling trucks, but experts say no such shortage exists and that other automakers are shipping their cars around the U.S. just fine.

"He needs to settle, and the Tesla board needs to force him to settle", said John Coffee, director of the Center on Corporate Governance at Columbia Law School - and the chain of events proved he was right. He is a vocal critic of the company and Mr. Musk on Twitter.

Yet a more forceful board, coupled with a domineering CEO like Musk, could create conflicts at a risky time for the company.

Musk worked almost to exhaustion to keep that momentum going during the past quarter.

The electric carmaker said it made more than 80,000 vehicles, including more than 53,000 of the Model 3 - roughly in line with forecasts. This added significant complexity, but we successfully executed this transition and ultimately produced more dual motor than rear wheel drive cars in Q3. Tesla can't record sales until cars are delivered, so these logistical problems could hinder revenue for the quarter. "It's sort of this insane carnival". Our overall target of 100,000 Model S and X deliveries in 2018 remains unchanged.

A few hundred cars have been spotted in Burbank, California, near San Francisco as many as 400 vehicles were spotted near an industrial site, and a similar number of cars were spotted in an industrial building nearby.

Last week, the government charged Musk with making "false and misleading statements" to investors on his Twitter account when he said he had secured funding to take the company private.

The settlement, reached on Saturday, comes after Musk initially rejected the charges, claiming they were "unjustified".

In a follow-up company blog post issued August 13, Musk explained that his assertion of having "funding secured" was based on multiple encounters he had with the Saudi Arabian sovereign wealth fund, where he felt there was "no question that a deal with the Saudi sovereign fund could be closed".

"We are very close to achieving profitability and proving the naysayers wrong, but, to be certain, we must execute really well tomorrow (Sunday)", Musk wrote in an email on September 30, according to a filing with the SEC.

An army of Tesla-owning volunteers swooped in over the weekend to help deliver cars to new buyers while Musk cheered on his employees, telling them in emails to "ignore all distractions" and that they were on the cusp of "an epic victory beyond all expectations". Following the tweet, Tesla's stock jumped 6 percent leading to intervention by the SEC.

Analysts are expecting Tesla to report a third-quarter loss of about $200 million, according to FactSet. The automaker delivered 83,500 vehicles in the third quarter, which is more than 80 percent of the vehicles that it delivered all of past year.

But customers have been complaining that their Tesla delivery dates have been delayed over and over while vehicles sit unmoved in lots.

Still, despite the ever-present controversy and turmoil surrounding Musk and his baby, Tesla still has a ton of believers on social media.

"That's total nonsense", said Mark B. Spiegel, a managing partner at Stanphyl Capital, which has a large position shorting Tesla.

In tweets, Musk has attributed some of the issue with delivery to a shortage of auto carriers.

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