Musk steps down

Tesla’s eccentric frontman Elon Musk has been forced to limit his powers and pay a large fine following a settlement deal with the Securities and Exchange Commission (SEC) over security fraud charges. The American regulator sued Musk over tweets claiming he had sourced funding to take Tesla private, at $420 a share. An investigation revealed this to be false. The settlement deal allows Musk to remain as the CEO, but he must step down as Chairman and pay a US$10 million fine. Tesla will also pay a US$20 million penalty as part of the settlement.