He has 45 days to leave his role as chairman of Tesla.
Am considering taking Tesla private at $420. Funding secured.
— Elon Musk (@elonmusk) August 7, 2018
Source: Twitter (@elonmusk)
Elon Musk is to step down as chairman of electric car-maker Tesla after settling a fraud lawsuit with US regulators.
The billionaire entrepreneur has been fined $20 million dollars as part of the deal with the US securities and exchange commission (SEC), but will remain as Tesla's chief executive.
He was sued by the SEC after being accused of making "false and misleading" tweets about potentially taking Tesla private.
Following the complaint, Tesla and its board of directors issued a joint statement in support of Musk.
"Tesla and the board of directors are fully confident in Elon, his integrity, and his leadership of the company, which has resulted in the most successful US auto company in over a century," the statement reads.
