Musk Settles Fraud Suit With SEC, Steps Down as Tesla Chairman

By [email protected] When Tesla CEO Elon Musk tweeted last month that funding was secured for a $70 billion go-private effort, it appeared he may have just pulled off a huge coup — or would soon be facing an SEC investigation.

It turned out to be the latter.

Musk decided to settle with the Securities Exchange Commission on Saturday, according to reports.

He’ll step down as chairman for three years and pay a $20 million fine. Tesla will also pay a $20 million fine, get some new governance rules and the addition of two independent directors. Musk will stay on as CEO and keep

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