Musk out as Tesla chair, remains CEO in $40M government lawsuit settlement

Agreeing to make a total payment of $40 million, Tesla and its CEO Elon Musk will make a series of concessions for the settlement of a government lawsuit, which alleges that Musk duped investors with misleading statements about a proposed buyout of the company. The settlement with the Securities and Exchange Commission allows Musk to remain CEO of the electric car company but requires him to relinquish his role as chairman for at least three years.

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