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Subject BREAKING: Elon Musk and SEC reach settlement on fraud charges !

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Original Message BREAKING: Elon Musk and SEC reach settlement on fraud charges that will keep Musk as CEO but force him to resign within 45 days as Chairman for 3 years, pay $20m fine and have Tesla appoint 2 new independent directors and also pay $20m fine - CNBC

Billionaire Elon Musk has been fined $20million and has lost his Tesla chairmanship in a settlement on fraud charges, it's reported.

Musk, the CEO of Tesla, had been accused of posting a series of "false and misleading" tweets about the trading status of the electric car firm.

The allegations relate to messages Musk posted to his 22 million followers on the social media site suggesting he would take Tesla private at $420 per share - a substantial premium to its trading price at the time.

Musk claimed funding for the deal had been secured and that the only remaining uncertainty was a shareholder vote.

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