Elon Musk forced to step down as chairman of Tesla, remains CEO

Elon Musk has reached a settlement with the Securities and Exchange Commission on the charges filed earlier this week over his abandoned attempt to take Tesla private. Musk will have to step down as the chairman of Tesla within 45 days, and will not be able to take that role with the company again for three years. He will be able to remain Tesla’s CEO during that time.

Musk has also agreed to pay a $20 million fine, and Tesla is being made to appoint two new independent directors to the company’s board.

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