Tesla jumps 16% in pre-market trading after an e-mail from Musk to Tesla shareholders.
During the weekend, the CEO agreed to relinquish the role of chairman for at least three years and pay $20 million to settle fraud charges that the U.S. Securities and Exchange Commission brought against him in a lawsuit filed after his tweet about taking the company private.
In the e-mail (attached) Musk said that the company is very close to achieve profitability.
The stock has therefore recovered the majority of the losses which came after the lawsuit from the SEC.
It seems that drama is the order of the day for Musk and Tesla!