Sept. 29 (UPI) -- Elon Musk agreed Saturday to step down as chairman of Tesla's board of directors to settle a lawsuit by the U.S. Securities and Exchange Commission accusing him of misleading investors.
The Canadian businessman must pay a $20 million fine in addition to the $20 million the company was fined. Musk will retain his role as CEO of the company, but Tesla must add two independent directors to its board.