Elon Musk and Tesla to pay $40m to settle SEC case over tweets

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  • Musk will step down as Tesla chair but stay as CEO
  • Billionaire sent tweet about taking company private

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 but must leave his other post within 45 days. Both he and the company will each pay a $20m (£15.3m) fine.

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