Elon Musk Settles With SEC, Agrees To Step Down As Tesla Chairman

Tesla CEO Elon Musk has agreed to step down as chairman of the electric-car company as part of a settlement to resolve a securities fraud charge lobbed by the SEC on Thursday.

Patrick T. Fallon / Bloomberg via Getty Images

Updated at 1:02 a.m. ET Sunday

Elon Musk, Tesla’s chief executive, has reached a deal with the Securities and Exchange Commission to settle a securities fraud charge brought against him on Thursday, the agency announced on Saturday.

Under the terms of the settlement, Musk has agreed to step down as chairman of the Silicon Valley-based company, but will remain in his post as CEO.