Elon Musk has agreed to resign and pay a fine of $20 million

On Saturday, September 29, Elon Musk has agreed to leave the post of Chairman of the Board of Directors of Tesla, and to pay a fine in the amount of $20 million pre-trial settlement of the dispute and the signing of an agreement with the Commission on securities and exchanges (Securities and Exchange Commission — SEC) said the regulator.

This deafening news comes just a few days after the SEC accused the Mask in the securities fraud. The businessman was charged with deceiving investors by posting on Twitter false information about Tesla stock, by which their price rose more than 6% — from $340 to $370.

In this regard, the SEC opened an inquiry and some investors filed a Mask in court.

A week after the controversial tweet by Elon Musk on Tesla’s official website confirmed the information about the company’s privatization, saying that this will be possible thanks to the public investment Fund of Saudi Arabia. However, in late August, it revised its plans, deciding to leave the company in public ownership.

In accordance with the agreement, which still must be approved by the court, Elon Musk will remain CEO of Tesla, however, within 45 days from the date of signing the agreement, that is, on the 29th, leave from the post of Chairman of the Board of Directors. To return to the position Mask will be able not earlier than in 3 years.

Apart from the Mask will pay a penalty ($20 million) and the company Tesla.

«The amount of fines in the amount of $40 million will be distributed among the affected investors in accordance with the approved court procedure,» — said in a press release from the SEC.

In addition, Tesla has agreed to appoint 2 new independent top managers in the Board of Directors and to create with him a Committee of independent Directors, and a Mask to apply «additional control measures» for monitoring his posts to Twitter.

To comment on a deal with the SEC in Tesla refused, CNN reports, but a spokesman confirmed that Elon musk was allowed to remain a member of the Board of the company.