Elon Musk is finally facing some consequences for his August take-Tesla-private dance. The South African-born billionaire will step down as chairman of the electric car company and pay a $20 million fine as part of a settlement with the Securities and Exchange Commission. The SEC had sued Musk on Thursday after he reportedly turned down an initial deal at the last minute.
As part of the new agreement announced on Saturday settling the SEC's suit, Musk will resign as Tesla chairman within 45 days, and he won't be able to be re-elected to the post for three years. Musk and Tesla will each pay a separate $20 million penalty, which will be distributed to harmed investors, and Tesla will appoint two new independent directors to its board. A judge will have to approve the settlement.
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