As part of the settlement, Musk will remain as CEO and will pay $40 million ($20M each from Musk and Tesla), and the billionaire will step down as chairman of the board.
The Securities and Exchange Commission settled charges with Tesla CEO Elon Musk over his aborted bid to take the company private, with the billionaire remaining as the helm of the company but relinquishing his chairman title and getting slapped with a hefty fine.
