Musk blowup: After being accused by the Securities and Exchange Commission of making “false and misleading tweets” about an aborted plan to take Tesla private, Elon Musk and the Palo Alto-based electric-car maker settled with the SEC over the weekend. In addition to paying $20 million in fines — with Tesla paying another $20 million — Musk will remain as CEO but step down as chairman, and Tesla will appoint an independent chairman and two new directors. The quick deal ends what could have been an ugly court battle amid the company’s production struggles.

Source: Los Angeles Times October 01, 2018 12:11 UTC