Elon Musk steps down from Tesla over Tweet, fined 20 million dollars
Elon Musk, Tesla’s chief executive, under pressure from his lawyers and investors, 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.
The S.E.C. 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.
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