• Musk will step down as Tesla chair but stay as CEO
  • Billionaire sent tweet about taking company private

The Securities and Exchange Commission said on Saturday it had reached a $40m settlement with the automaker Tesla and its chief executive, Elon Musk, over his 7 August tweets about taking the company private.

Related: Tesla shares drop as analysts divided on Musk’s future with the company

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Read More Elon Musk and Tesla to pay m to settle SEC case over tweets

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