Tesla’s Elon Musk Charged with Securities Fraud, Could Lose CEO Job

UPDATE, 9/29/18, 6:00 p.m.: Elon Musk has agreed to step aside as Tesla board chairman in a settlement with the U.S. Securities and Exchange Commission. Tesla will also pay a $20 million fine and has agreed with the SEC to add two independent board members. Elon Musk could be ousted from the leadership of Tesla after rejecting a settlement proposal from federal prosecutors this week addressing a tweet he made about his intention to take the company private.

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