Elon Musk to Step Aside as Tesla Chairman in SEC Deal

Mony
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Elon Musk reached a settlement with the Securities and Exchange Commission that allows him to remain chief executive of Tesla Inc. but requires that he step aside from the chairman role for three years.

The surprising twist, announced Saturday by the SEC, comes after Mr. Musk rejected a settlement Thursday and appeared to be hunkering down to fight a lawsuit by the agency. The SEC alleged he misled investors with Twitter messages on Aug. 7 that claimed the company had funding in place to take the auto maker private. A person…

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