Elon Musk to step down as Tesla chairman in SEC deal
Electic entrepreneur Elon Musk will settle a suit with the US Securities and Exchange Commission by paying a fine and stepping down as chairman of the Tesla Inc, the electric auto and battery tech company he co-founded in 2003, Sputnik reported.
Musk will settle an SEC case resulting in tweets the tech exec posted that caused Tesla share prices to veer sharply.
On Thursday the SEC announced that they would sue Musk for securities fraud, according to the BBC.
According to reports, Musk negotiated a settlement with the US agency on Saturday in which he will stay on as the CEO of Tesla but resign from his post as chairman for a period of three years.
Musk must also pay a $20 million fine for his allegedly fraudulent actions.