Elon Musk to Step Down From Tesla Post

Elon Musk and the US Securities and Exchange Commission reportedly came to an agreement this week after the Tesla CEO had been sued by the regulator for alleged securities fraud.

The deal says that Musk will have to let go of his post in the electric car company after 3 years and pay with Tesla a $20 million fine.

SEC Chairman Jay Clayton said that the agreement would be in the best interest of American investors and the company’s shareholders.

The allegations pertain to Musk’s tweets last August where the billionaire said that he would be taking Tesla private and funding had already been secured.

Source: BBC

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