Elon Musk to resign as chair of Tesla board, fined $20 mn: SEC

Elon Musk has reached a deal over fraud charges that will see him step down as electric automaker Tesla's chairman of the board and pay a $20 million fine, US securities regulators said Saturday. Musk -- who will remain CEO of Tesla -- will be ineligible to serve as chairman of the board for a period of three years and will be replaced by an "independent chairman," while two "independent directors" will also be appointed by Tesla, the SEC said.

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