SEC settles charges with Tesla's Elon Musk, will remain as CEO but relinquish chairman role

The Securities and Exchange Commission has settled charges with Tesla CEO Elon Musk, according to court documents filed on Saturday, with Musk expected to remain as the helm of the company while relinquishing his chairman title within 45 days.

According to a filing, Musk will pay a civil penalty of $20 million as part of the settlement, and give up his role as chairman of the board for at least three years.

The original SEC complaint alleged that Musk issued "false and misleading" statements and failed to properly notify regulators of material company events, after posting on Twitter that he had secured funding to take Tesla private.

This is a breaking news story, please check back for updates.

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