Judge Approves Elon Musk's Settlement Deal With The SEC

The judge's approval puts a clock on Elon Musk's time as Tesla's chairman.
Posted at 12:09 PM, Oct 16, 2018

Elon Musk and Tesla's settlement agreements with the SEC are now final.

A judge approved the deals Tuesday morning. The cases stemmed from Musk's tweets that claimed he secured funding to take the company private. Musk and Tesla each have to pay a $20 million fine, and Musk will step down as the company's chairman for at least three years. 

Another provision of the deal includes Tesla establishing some approval power over Musk's public communication about the company. That includes social media posts, which is what got Musk in trouble to begin with. 

Musk and Tesla have 14 days to pay their fines, and he has 45 days to step down as Tesla's chairman.