Musk fraud deal: Tesla CEO to step down as chairman

Elon Musk steps down as chairman of Tesla as part of a settlement with US financial regulators.

by

    Tesla CEO Elon Musk and the US Securities and Exchange Commission (SEC) have reached a settlement over fraud charges.

    Under the deal Musk will remain CEO, pay a 20 million dollar fine and step down as chairman of the company.

    The SEC also imposed a $20m fine on Tesla.

    Musk is accused of misleading investors after tweeting that he'd secured funding to take the electric carmaker private last month.

    Al jazeera’s Heidi Zhou-Castro reports from Washington, DC.


    YOU MIGHT ALSO LIKE

    Holding onto Hoxha: Guarding the last statue of communist Albania

    Holding onto Hoxha: Guarding the last statue of communist Albania

    In the basement of an old museum in a village in Albania, a 78-year-old woman protects the last remnant of a dictator.

    Still Here: A story of incarceration and gentrification in the US

    Still Here: A story of incarceration and gentrification in the US

    Many formerly imprisoned women of colour return to neighbourhoods transformed beyond recognition. What awaits them?

    The 'risky business' of tracking Rwandan fugitive Felicien Kabuga

    The 'risky business' of tracking Rwandan fugitive Felicien Kabuga

    The former chief prosecutor at the International Criminal Tribunal for Rwanda discusses the hunt for genocide suspects.