Elon Musk confirmed that the chip, which was announced last December with the codename "hardware 3", will increase the autonomous driving performance of their vehicles by anywhere between 500 percent to 2000 percent.
However, Mr. Musk refuted the claims of FT's report stating that they were not true but refusing to comment any further.
And because it's Musk, he also tweeted about it. The company is not going private. As retribution, Tesla will pay $20 million and Musk will pay $20 million. The agency moved with unusual speed, questioning Musk, Tesla's board and other executives.
Musk also shot off a sarcastic tweet last Thursday to the SEC, just hours after Judge Alison Nathan with the U.S. District Court, Southern District of NY, ordered him and the SEC to explain why their settlement was fair and reasonable.
In addition, Tesla needs to create a system where Musk's communications to the public are monitored, including social media platforms and Twitter blog posts.
The SEC filed charges against Musk on September 27, just hours after reports said Musk had rejected an initial settlement offer from the agency.
"Just want to that the Shortseller Enrichment Commission is doing incredible work", Musk, a frequent critic of the investors who have bet against the company, wrote. "And the name change is so on point!"
Tesla and Musk, the company's CEO, agreed to pay a total of $40 million in fines in the settlement Tuesday. Musk also took to Twitter to share a picture of his Teslaquila bottle. Two new independent directors will be recruited to join Tesla's board of directors. The company needs to actually be making a product to obtain the trademark.
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