Under the settlement, which requires court approval, Musk will be allowed to say as CEO but must leave his role as chairman of the board within 45 days.
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He accepted the deal with the SEC “without admitting or denying the allegations of the complaint,” according to a court document.
The SEC alleged on Thursday that Musk misled investors when he tweeted on August 7 that he had secured funding to take Tesla private at $420 a share, causing Tesla’s stock to soar. He had not secured the funding, the SEC said.
Separately, Tesla agreed Saturday to pay $20 million to settle claims it failed to adequately police Musk’s tweet.
Tesla did not immediately reply to CNN’s request for comment.
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