Musk gives up Tesla chair
Elon Musk is to step down as chair of Tesla for three years and pay a fine after reaching a deal with the US financial regulator over tweets he made about taking the firm into private ownership. Under the settlement Musk would remain as chief executive. Both he and the company will each pay a $20m fine.
Last Friday Tesla’s share price was down close to 14% as investors lost confidence.
The Securities and Exchange Commission filed a suit in New York accusing Musk of fraud last week, alleging that the tweets about financing for a go-private plan he abandoned just weeks later had no basis in fact, and said the market chaos that ensued hurt investors.