Elon Musk settles with the SEC: he will resign as Tesla Chairman and pay a penalty
A settlement was reached between Elon Musk and the Securities and Exchange Commission (SEC), the authority that monitors the US stock market, which put an end to the fraud investigation that began after the businessman declared on Twitter that he wanted Tesla to go private and already secured the funding to do it. Musk will resign as Tesla Chairman and will not be able to hold that position for at least 3 years. Also, he and Tesla will pay a $20 million penalty each.