Elon Musk announces bid to produce Tesla-branded Tequila

by Ben Pena October 18, 2018, 1:44
Elon Musk announces bid to produce Tesla-branded Tequila

A recent scandal around his false August tweet about taking Tesla private for $420 a share cost him $20 million and the chairman's seat. A settlement was then reached which required Musk to pay $20 million, with Tesla paying a further $20 million.

The mercurial American entrepreneur saw Tesla shares drop the next day, closing down some 5 percent. The stock has lost 14% in the year, versus advances of 3.7% and 3% for the S&P 500 index and the Dow Jones Industrial Average. According the CNBC, Musk just filed a trademark with the intent to use under the U.S. Patent and Trademark Office.

"The resolution is meant to prevent further market disruption and harm to Tesla's shareholders", Peikin had also added.

Judge Alison Nathan of the US District Court for the Southern District of NY approved the deal, as reported by Reuters, which now resolves claims of securities fraud.

"The phrase originated as an April Fools" prank in which Musk tweeted that Tesla was going bankrupt.

Musk and Tesla agreed to resolve the probe without admitting or denying wrongdoing.

Hundreds without power due to Storm Callum
Devon County Council Highways says there have been a number of fallen trees and is warning motorists to stick to the major roads. Edinburgh will see a very windy start to the day, but winds will slowly ease as the day progresses.

US District Judge Alison Nathan in Manhattan signed off on the accord Tuesday after the electric-car maker, Musk and the regulatory agency said in a detailed joint filing that the deal was in the best interest of investors.

The complaint was filed after Musk and Tesla's board abruptly walked away from an agreement with the SEC.

Musk wasn't required to admit wrongdoing under the settlement.

During a rather ordinary afternoon on October 14, Musk tweeted a trailer for the award-winning anime film "Your Name" with the caption saying he loved it. The 500,000 vehicles Tesla vows to produce next year are almost six times its 2016 production.

CEO Elon Musk and a US federal judge finalized an agreement Tuesday morning to settle allegations of fraud.

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