Tech entrepreneur and billionaire businessman Elon Musk has stepped down as the Chairman of Tesla following a tweet where he claimed he has the funding and investor support to buy the publicly-traded company.
The Securities and Exchange Commission (SEC) sued the billionaire and all parties reached an agreement on Saturday night.
In the agreement, Musk will resign as Chairman but will remain CEO and also a member of the board. He’ll also not be eligible to be elected into the Chairman position for three years, Time reports.
Tesla must also hire an independent chairman to oversee the company.
Musk and Tesla were also fined $20million each.