Tesla Is ‘Very Close’ to Profitability, Musk Says in Staff Email

(Bloomberg) -- Elon Musk told Tesla Inc. employees that the company was on the cusp of making money, hours after he and the carmaker reached a settlement with the U.S. that steps up oversight of the chief executive officer’s communications of material information.

“We are very close to achieving profitability and proving the naysayers wrong, but, to be certain, we must execute really well tomorrow (Sunday),” Musk wrote in the email to staff. “If we go all out tomorrow, we will achieve an epic victory beyond all expectations.”

Sunday marks the end of the third quarter, and Tesla has frantically pushed to boost deliveries before the period ends.

Tesla Is ‘Very Close’ to Profitability, Musk Says in Staff Email

Musk 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 Thursday. Tesla also agreed to pay $20 million and implement procedures and controls to oversee the CEO’s communications of material information after he tweeted -- falsely, according to the SEC -- that he secured funding last month to take the company private.

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