Elon Musk Reportedly Says Tesla Is Close to Achieving Profitability

More stock whiplash as Tesla rebounds after Musk settlement

The stock's somewhat muted reaction may be a reminder of the position in which Tesla now sits-just past a trying period in which CEO Elon Musk agreed to step aside as chairman to settle an SEC lawsuit, and ahead of its third quarter financial results.

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".

Tesla shares plunged last week after the SEC accused Musk of securities fraud over his now-infamous "funding secured" tweet last month, which falsely claimed he'd lined up backing to take Tesla private. The money will be distributed to investors harmed by Musk's tweet and the wild market swings that happened during the whole debacle.

Tesla was sorely in need of good news. We also want to thank all of our customers who volunteered to help us with deliveries, and our new customers who are showing their faith in Tesla by purchasing our products in such large numbers.

Musk will stay on as company CEO but will relinquish his role as company chair for at least three years as part of the agreement, which is still subject to court approval.




Even after the stock's slide from last year's peak, Tesla is valued at $45.2bn in the stock market.

Stephanie Avakian, the co-director of the SEC's enforcement division, said: "The total package of remedies and relief are specifically created to address the misconduct at issue by strengthening Tesla's corporate governance and oversight in order to protect investors". The SEC stated that his plans to make Tesla a private company have misled investors, resulting in Tesla stocks to tumble. But Musk has pledged to post profits in future quarters.

Things could have actually been a lot worse for Tesla and Musk, with experts highlighting the fact that he's retained his CEO position, is still the dominant stockholder and still has a place on the board.

The company has recently been struggling to meet audacious production goals for its Model 3 sedan.

Following the announcement that Musk would settle and step down as chairman, Tesla's stock stabilised after its 14 percent drop, shooting back up 15 percent at $305 per share.

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