Elon Musk, CEO, Tesla, guarantees that the firm is very near to turning a profit after years of burning through cash. Musk stated that this week might be pivotal to the firm gaining an “epic achievement” on its production targets. On the heels of turbulent last several weeks that resulted in Tesla to reach a settlement with securities regulators, the firm is predicted to report the third quarter production figures this week.
In the recent two emails obtained by CNBC, Musk encouraged the firm staff for ignoring distractions. He also added that the firm is just close to proving the pessimists wrong. Musk proclaimed that the firm has to go “all out” on the manufacturing so that it will witness a success beyond all expectations. According to the report in Electrek, Tesla has already achieved a grand benchmark for its Model 3, after setting a production record in the second quarter.
On a similar note, last week, the Securities and Exchange Commission (SEC) announced the securities fraud agreement. According to this agreement, Elon Musk and Tesla will be paying about $20 Million each to the financial regulators. Similarly, Musk will have to resign from the firm’s chairman position. However, he can continue to be a chief executive, under the settlement that restricts a tumultuous 2 Months for Tesla.
The latest agreement is said to be a relief to investors as they had worried that a long legal fight might only additionally damage the unprofitable electric car firm. SEC proclaimed that Musk was found to be misleading investors with his tweets on August 7, 2018. In these tweets, he stated that he was thinking to take Tesla private. He also stated that he had secured funding. In a lawsuit last week, the regulator alleged that these tweets were baseless. The regulator also stated that the market chaos resulted was responsible for hurting investors.
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