Elon Musk, Tesla’s chief executive, reached a deal with the Securities and Exchange Commission on Saturday to resolve a securities fraud case. The settlement will force Mr. Musk to step aside as chairman for three years and pay a $20 million fine. announced the deal two days after it sued Mr. Musk in federal court for fraud and misleading investors over his post on Twitter last month that he had “funding secured” for a buyout of the electric-car company at $420 a share. It is not clear why Mr. Musk changed his mind and agreed to settle but shares of Tesla have been hit hard since the S.E.C. On Friday, the stock dropped about 13 percent.

Source: New York Times September 29, 2018 21:50 UTC