(Palo Alto, CA) — Tesla CEO Elon Musk is resigning as part of a settlement with the Securities and Exchange Commission. The SEC sued Musk over at tweet in August where he allegedly lied about securing funding for a private takeover of his company. Musk will get to keep his job as CEO, but he must resign within 45 days as chairman for three years. Musk and Tesla will both have to pay a 20-million dollar fine as part of the settlement, as well. Tesla will appoint two new independent directors.
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