Elon Musk Settles With SEC, Agrees To Step Down As Tesla Chairman

Tesla CEO Elon Musk has agreed to step down as chairman of the electric-car company as part of a settlement to resolve a securities fraud charge lobbed by the SEC on Thursday.

The Tesla CEO reached a deal with the Securities and Exchange Commission to resolve a securities fraud case. As part of the deal, Tesla and Musk agreed to pay $40 million in penalties.

(Image credit: Patrick T. Fallon/Bloomberg via Getty Images)



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