This is only the midpoint of his Musk-sational 2018 narrative. The new structure will be constructed for the south lot of Tesla's outbound logistics yard.
The settlement will stand post a court approval in which Tesla and Musk neither admit nor deny the charges levied by the SEC.
But, like any responsible parent, the SEC doesn't give a sh*t if Elon likes them or not.
Shares of Tesla Inc jumped by nearly 18 percent on Monday as Chief Executive Elon Musk settled a lawsuit that had threatened to force him out and said a surge in third-quarter production had driven it to the verge of profitability. The last component of the settlement is a $40 million penalty, with Musk and Tesla each paying half. This SEC run-in may prove the white knight to a Tesla in distress, shackled to the whims of a stretched-too-thin executive.
Tesla must also hire an independent chairman to oversee the company. The brainchild of Tesla has a few times been associated with more than one actions that have landed him in trouble with his investors and even the media.
However, the Justice Department is still probing Musk's tweets, and lawsuits by investors and short-sellers over the false information are also still ongoing.
The charges come after Musk claimed in August via a series of tweets that he was planning to take the electric vehicle maker private, and implied that such a move was imminent with "funding secured".
FILE PHOTO: Tesla Motors CEO Elon Musk reveals the Tesla Energy Powerwall Home Battery during an event in Hawthorne, California, U.S., April 30, 2015.
Musk will step down as chairman of Tesla for three years, starting in November. "Nor did it have sufficient processes in place to that Musk's tweets were accurate or complete".
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".
"It's not often that an SEC lawsuit could be viewed as an opportunity, but this is one of those rare cases".