More stock whiplash as Tesla rebounds after Musk settlement
NEW YORK (AP) — Tesla made its biggest gain in five years Monday after company founder Elon Musk reached a settlement with securities regulators that will allow him to stay on as CEO of the electric car maker. That marked a big reversal from Friday's plunge, the worst day for the stock in almost as long.
Under a settlement announced Saturday, Musk will give up his post as Tesla's chairman for at least three years.
Musk and Tesla will each pay $20 million to resolve the case, making Musk's August tweet that he would take the company private and had "funding secured" for the deal likely the most expensive social media post of all time.