The U.S. Securities and Exchange Commission said on Saturday it had reached a settlement with car-maker Tesla and CEO Elon Musk over his Aug. 7 tweets about taking the company private.
Tesla and Musk will each pay $20 million US to settle the case and Musk will step down as chairman but will remain as chief executive.
Am considering taking Tesla private at $420. Funding secured.
—@elonmusk