Elon Musk Resigns As Part Of Deal With SEC

Musk

Elon Musk is agreeing to resign as  chairman of Tesla and will pay a 20-million dollar fine to settle a fraud charge brought by the Securities and Exchange Commission.  Tesla  is also settling and will pay 20-million dollars as well. Musk will  retain his role as CEO of the company he started but cannot return as  chairman for at least three years. This penalty is less than a deal  that Musk was reportedly offered earlier this week, which was to step  down for two years as chairman and pay a 10-million dollar fine.  Musk  is not admitting nor denying that he mislead investors when he tweeted  that he had secured funding to take the electric car company private at  420-dollars per share.

Photo: Getty Images

Charlie Parker

Charlie Parker

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