On Saturday, Musk and Tesla agreed to pay $40 million — $20 million each — as part of the settlement. Musk agreed to relinquish his role as chairman of the Palo Alto automaker for three years, and the company is required to install an independent chairman and two new board members. Musk will remain on the board. He and Tesla did not admit wrongdoing.

Source: Los Angeles Times October 01, 2018 13:52 UTC