Tesla

Updated at 1:02 a.m. ET Sunday

Elon Musk, Tesla's chief executive, has reached a deal with the Securities and Exchange Commission to settle a securities fraud charge brought against him on Thursday, the agency announced on Saturday.

Under the terms of the settlement, Musk has agreed to step down as chairman of the Silicon Valley-based company, but will remain in his post as CEO.

Updated at 9:32 p.m. ET

The U.S. Securities and Exchange Commission is suing Tesla CEO Elon Musk, alleging securities fraud a month after he announced that he planned to take the publicly traded electric-car company private.

"Musk's false and misleading public statements and omissions caused significant confusion and disruption in the market for Tesla's stock and resulting harm to investors," the lawsuit says.

Tesla said on Tuesday it was complying with a Justice Department request for documents, in connection with Chief Executive Elon Musk's announcement that he was taking the publicly traded company private.

WBFO file photo

Shares of Tesla lost approximately nine percent of their value Friday, as the high-tech company moves forward amid concerns including a Securities and Exchange Commission investigation, comments made by founder Elon Musk and a report that Tesla may not, after all, purchase all the output from the Buffalo-based factory it now shares with Panasonic.


Cynthia for New York

Democratic gubernatorial challenger Cynthia Nixon blasted Gov. Andrew Cuomo's economic development process during a news conference Tuesday, just down the street from the Tesla plant in South Buffalo.

Tesla Motors started selling its stock to the public in 2010 — the first initial public offering of a U.S. automaker in more than a half-century. On Tuesday, Tesla CEO Elon Musk said he's considering a reversal — taking the electric car company private.

As he often does, the outspoken entrepreneur took to Twitter to deliver the news. "Am considering taking Tesla private at $420. Funding secured," Musk tweeted in early afternoon.

A federal jury in New York has convicted key players of corruption in Gov. Andrew Cuomo's Buffalo Billion' economic redevelopment program. 

WBFO News file photo

Panasonic has hired nearly 400-people to work at Tesla's Solar City Riverbend in south Buffalo. Tesla has been cutting back its workforce nationwide in the electric car industry. But last month a career fair was held to hire more Buffalo residents at Solar City. WBFO News asked Mayor Byron Brown if he has confidence in the future of Tesla in the city.  

Tesla Lays Off 9 Percent Of Workforce

Jun 13, 2018

Tesla will lay off about 3,500 workers in an effort to boost profitability, CEO Elon Musk wrote in a company email.

"What drives us is our mission to accelerate the world's transition to sustainable, clean energy, but we will never achieve that mission unless we eventually demonstrate that we can be sustainably profitable," Musk wrote.

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Federal prosecutors in Manhattan have dropped a major bribery charge against two former top executives of developer LP Ciminelli in a corruption case tied to Buffalo Billion funding.


Mike Desmond / WBFO News

Tesla says it is looking for several hundred more workers for its plant in South Buffalo, as production of solar panels and solar roofs increases.

National Public Radio

The electric car manufacturer Tesla sees New York State as the epicenter of growth for the eastern part of the United States. They are driving some of their vehicles across the region this week to promote new state legislation that would allow them to expand.

The Department of Transportation released its revised guidelines on automated driving systems Tuesday, outlining its recommended — but not mandatory — best practices for companies developing self-driving cars.

Marketplace

Erie County is competing in one of the great corporate gold rushes: the fight to grab Amazon's new $5 billion corporate home and potentially 50,000 jobs averaging $100,000 a person.

WBFO's Mike Desmond

There were 800 people registered for the Panasonic job fare Wednesday evening at the Buffalo Employment and Training Center - and more than that came to fill out forms and present resumes - as the company plans 150 hires by the end of August.

SolarCity

The co-founder of SolarCity, now owned by Tesla, is leaving the company.

WBFO's Mike Desmond

It is going to be a few months before solar panels start coming out of the mammoth Riverbend complex in South Buffalo, but Panasonic is hiring.

Michael Mroziak, WBFO

While appearing in Western New York to announce an investment using Buffalo Billion II dollars, Lieutenant Governor Kathy Hochul was asked about the largest investment from the original Buffalo Billion and when the jobs and manufacturing will get underway in the city's RiverBend section.


Tesla's stock closed higher Tuesday after the company announced a deal with Panasonic to produce solar panels in Buffalo. The Japanese electronics giant is making a major investment in Tesla's giga-factory along South Park Avenue.


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Albany is expressing confidence in the future of the SolarCity plant in South Buffalo, after stockholders of both SolarCity and car company Tesla Motors agreed to a merger.

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Electric car maker Tesla Motors won the backing of shareholders to acquire SolarCity Corp., the nation's largest solar panel installer.

Solar Liberty

Between New York state spending $750 million dollars on a new solar panel factory in South Buffalo, SolarCity's financial struggles, and this week's expected shareholders vote on a proposed merger with Tesla, there has been a lot of speculation lately about Solar City's long term viability. But other local players in the industry are bullish on the future of solar regardless of what happens to the heavily subsidized company.

Photo courtesy of Tesla Motors Twitter page

Buffalo will play a key role in the development of the newest generation of solar panels.

Tesla's $2.6 billion offer to buy SolarCity is more about Tesla than it is about the struggling SolarCity. That's according to Harold Star, a business professor at the University at Buffalo.

WBFO News File Photo

News that Tesla Motors may purchase Solar City is drawing mixed reactions. While some are concerned the development projects poorly on the future of the company's solar panel manufacturing plant in South Buffalo, Governor Cuomo  says he "can't see anything but good" coming from the merger.