Elon Musk stands down as Tesla chairman in SEC settlement

Elon Musk will pay a hefty fine and stand down as Tesla chairman for three years, after a US Securities and Exchange Commission (SEC) investigation into his tweets about taking Tesla private. Musk will remain CEO of the the company, but has to stand down as chairman of the board. He and Tesla will also each have to pay a US$20 million ($27,600,000) fine, after agreeing to a deal with the SEC overnight.