Elon Musk agreed Saturday to step down as chairman of Tesla and pay a $20 million fine in a deal to settle charges brought this week by the Securities and Exchange Commission. He accepted the deal with the SEC "without admitting or denying the allegations of the complaint," according to a court document. Separately, Tesla agreed Saturday to pay $20 million to settle claims it failed to adequately police Musk's tweet. "The $40 million in penalties will be distributed to harmed investors under a court-approved process," the SEC said in a press release. Under that deal, Musk would have had to pay a "nominal fine" and leave his role as chairman for two years.

Source: CNN September 29, 2018 21:48 UTC