Hello and

welcome to the Monday, October 1st, 2018,

of Tesla Daily Un Official Tesla Podcast.

My name is Rob Mowron, today we are of course talking about Elon Musk's settlement with the SEC,

as well as a report from Electric on Q3 production numbers.

Tesla stock on the day did all right, finishing up 17.35%, the best day in five years, to $310.70,

this compared to the NASDAQ down 0.11%. With that move we are quickly back to the level that

we were trading at on Thursday before the SEC lawsuit news came out and as you

know by now the SEC and Elon Musk reached an agreement on Saturday to settle that lawsuit.

Per the terms of that settlement, Elon Musk will remain as the CEO of Tesla, but will step down

as the chairman within 45 days, which puts us around November, probably 11th or 12th, meaning

the deadline would be shortly after the Q3 earnings report.

Musk would then be ineligible for re-election to the chairman position for the next three years at which

point he could resume that position if the board selected him.

Musk additionally will have to pay a $20 million fine which should be redistributed to harmed investors.

I don't have any information on who those harmed investors would be,

whether that be long stockholders, short stockholders, or both, but if I see any news on that I will definitely

be sure to pass that along.

So that's really it for the Musk punishment, but additionally the SEC filed and settled a complaint with Tesla as a company.

As a result, Tesla will have to appoint two new independent board members, as well as establishing

a committee of independent directors

to put in place, quote, additional controls

...